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Women Impacting Public Policy (WIPP) today called on Senate Majority Leader Bill Frist to quickly bring the
Fairness in Asbestos Injury Resolution (FAIR) Act to the Senate floor for a vote. Many small businesses are suffering under the weight of the asbestos litigation system, WIPP said in its letter to Senator Frist.
Small businesses believe that victims should be compensated in a timely manner. The current system is simply not working, WIPP contends. That's why it is so important that legislators act on the FAIR Act quickly. Not only will the bill ensure that sick victims receive fair and quick compensation, but the bill will keep small businesses safe from future
asbestos lawsuits. In addition, the bill establishes specific safeguards for small businesses to ensure that the Act's funding requirements don't drive them into bankruptcy. "The bill allows for hardship and inequity funding adjustments, for example, to ensure that small businesses aren't forced to make payments into the fund that they can't afford," WIPP pointed out.
The group noted that action is necessary before too many small businesses are thrown into this system despite the fact that they have only a tangential link to the
asbestos industry. Many of the companies that once made asbestos have gone bankrupt, so now small businesses are being targeted for lawsuits. "By addressing asbestos claims outside the courts," WIPP maintained, "the FAIR Act will eliminate the abuse throughout the system."
The group stressed, "This is a problem that needs to be solved quickly -- before too many small businesses get caught in the
asbestos litigation web and victims die before being compensated."
The full text of the letter sent on November
15 from Barbara Kasoff, President of Women Impacting Public Policy, to Senate
Majority Leader Bill Frist appears below:
On behalf of over 500,000 women in business nationwide, Women Impacting Public
Policy (WIPP) is requesting your support for the Fairness in Asbestos Injury
Resolution (FAIR) Act and to quickly bring it to the Senate floor for a vote.
This legislation would overhaul the asbestos litigation system and help small
businesses across our nation.
WIPP is a national, bipartisan public policy organization that advocates for and on behalf of women and minorities in business. Our members include small business owners and entrepreneurs, and action must be taken by this Congress to protect them from the adverse effects of the asbestos litigation crisis. WIPP members have consistently voiced their concern over burdensome tort claims. In fact, our annual member survey demonstrated that 40% of our members see tort reform as a top public policy priority. Sixty-nine percent disagree that juries should be free to award damages in any amounts. Small businesses believe that victims should be compensated fairly and in a timely manner.
The FAIR Act, as we understand it, will address asbestos claims outside the courts. Sick victims will be assured fair and quick payment via the Asbestos Injury Claims Resolution Fund while small businesses will be safe from future lawsuits. The asbestos victims trust fund set up by the bill will be paid for by defendant companies and insurers -- taxpayer dollars will not be used.
The FAIR Act includes important safeguards for small businesses to ensure that the Act's funding requirements do not drive them to bankruptcy. The bill allows for hardship and inequity funding adjustments, for example, to ensure that small businesses are not forced to make payments into the fund that they cannot afford. Meanwhile, small businesses, as defined by the Small Business Act, and any company with less than $1 million in historic asbestos liability expenditures would be exempt from any funding obligations linked to that trust fund.
This is a problem that needs to be solved quickly -- before too many small businesses get caught in the asbestos litigation web and victims die before being compensated.
Women Impacting Public Policy
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