November 11th, 2004
Following President George W Bush’s recent electoral victory, those in favor of a US asbestos trust fund are harbouring fresh hope that the bill will finally be passed next year. It is thought that the increase in Senate Republicans will help to ensure that this time the asbestos trust fun bill is a success and gets passed without any hitches. It is also thought that the departure of Tom Daschle will aid the passing of the new bill.
Following his re-election into his second presidential term, President Bush stated that this type of reform would be top on his list of priorities, a comment that has given hope to insurance companies and manufacturers that have been financially crippled by the number and extent of the asbestos compensation claims that have been made over recent years.
It has been revealed that business leaders will be meeting next month in order to start discussions about the new bill, and to negotiate the terms of this revised settlement. Most parties seem confident that this time the bill will be passed despite the fact that it failed earlier this year and despite continued efforts has not managed to get off the ground again. Public Affairs Director at the American Insurance Association, Julie Rochman, stated that: “If this election did anything it gave a boost to legal reform.”
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