Sen Specter to introduce asbestos bill shortly

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The Republican author of a plan to create a U.S. fund to compensate asbestos victims said on Monday he expected to introduce legislation in the next few days, while a key Democrat indicated the plan would have bipartisan support.

“It’s my expectation to introduce a bill in the next day or two or three,” Pennsylvania Republican Sen. Arlen Specter told reporters after meeting a half-dozen Senate Democrats about the plan. Specter, chairman of the Senate Judiciary Committee, said the Democrats were “very much interested in getting a bill.”

Specter also hoped for support from other Republicans, and planned a meeting with Judiciary Committee Republicans on Tuesday.

Asbestos is linked to cancer and other diseases. Thousands of injury claims have forced many companies into bankruptcy.

Specter has been negotiating with members of both parties on a draft proposal for a $140 billion fund to pay asbestos claims, while ending the right of victims to sue.

The fund would be financed by companies facing asbestos lawsuits and their insurers, who would be rewarded by having their liability capped.

California Democrat Sen. Dianne Feinstein, who spoke separately to reporters after the meeting with Specter, said she anticipated supporting the legislation but wanted to see the written version, which he would circulate on Tuesday.

She said she thought other Democrats would back it as well, including Vermont Sen. Patrick Leahy, the Judiciary Committee’s ranking member. Leahy told reporters only that he would meet other committee Democrats Tuesday to discuss Specter’s plan.

Specter said he hoped his committee could vote out the legislation to the Senate floor by the end of April, but could not be certain because of other business before the panel.

President Bush has said curbing asbestos claims is a major priority, part of a raft of changes his Republican party is seeking to make to the U.S. legal system.

Specter has been working for months to build support for his plan, but has met resistance in both parties. For a while it appeared he would not even be able to get the bill out of his committee, which has 10 Republicans and eight Democrats.

Some Republicans share the concerns of some companies and insurers that the proposed fund may not effectively limit business liabilities. Democrats worry that the fund may run out of money and not adequately compensate some victims.

Specter said recently that there had been “major accommodations” on both sides as he negotiated over the plan, but has declined to discuss the changes with reporters.

Feinstein also wrote to Specter asking him to hold a meeting with asbestos victims’ groups “before we again attempt to move the legislation through the committee.” Some victims’ groups have said they would prefer to have a choice of either suing in court or seeking compensation from the fund. 

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