Bill Introduced to Increase Relief for Victims of Asbestos

Washington, D.C. – Today, Regulatory Reform, Commercial and Antitrust Law Subcommittee Vice-Chairman Blake Farenthold (R-Tex.) introduced H.R. 526, the Furthering Asbestos Claim Transparency Act (FACT Act). Similar legislation passed the House of Representatives with a bipartisan vote last Congress. 

The FACT Act reduces fraud in the asbestos bankruptcy trust system through increased transparency measures. These measures ensure that asbestos bankruptcy trusts have the tools to combat fraud, which limits funds available for asbestos victims. The FACT Act is a measured approach that strikes the proper balance between achieving transparency and protecting victims’ privacy.

Chairman Bob Goodlatte (R-Va.) and Subcommittee Vice-Chairman Farenthold praised the bill’s introduction:

Chairman Goodlatte:  “The FACT Act is common-sense legislation that the House of Representatives passed last Congress. Due to fraud in the asbestos trust system and duplicitous or conflicting claims, legitimate victims of asbestos do not always receive the relief they deserve. The FACT Act would reduce fraud in the asbestos trust system so that victims of asbestos could receive maximum relief for their illnesses and injuries.”

Subcommittee Vice-Chairman Farenthold:  “I’m pleased to reintroduce the Furthering Asbestos Claims Transparency Act along with the support of Chairman Goodlatte. This legislation maintains the careful balance of transparency and privacy in the asbestos trust system. Its straightforward quarterly disclosure requirement will stop unscrupulous attorneys who game the trust system and drain funds needed by legitimate victims. The revelations in the In re Garlock Sealing Technologies, LLC case show the ongoing troubles with asbestos claims and the need for the FACT Act. I look forward to working with my colleagues in the Senate to get this bill on the President’s desk and to protect the trust for yet undiscovered asbestos victims.”