November 10th, 2004

The recent electoral defeat of Senator Tom Daschle, Senate Minority Leader, has given new hope to supporters of the asbestos trust fund bill. Daschle, an advocate for asbestos trial lawyers, was in talks about a suitable trust fund with Senator Bill Frist for many months, and the bill finally fell dead in the water when the two failed to agree on some key points.

Following his appointment into the second term of office, President George W Bush has stated that a reform on this type of system will be a priority, which has added to the confidence of the supporters. Another factor giving trust fund lobbyists fresh hope is the republican gains in the Senate.

Although the bill put forward earlier this year failed through Senate, supporters hope that the new structure and the departure of Daschle will see the enforcement of a trust fun next year. "It's a very different world. It does not make this simple, but it makes it possible," Michael Baroody of the National Association of Manufacturers told reporters.

Business leaders are now planning to meet up before Christmas in order to discuss terms for the new bill and to negotiate the possibilities. It is thought that the new bill that is discussed and put forward may have even greater limitations than the one that failed earlier this year.