Washington, D.C. – On Wednesday, February 4th at 1:00 p.m., the Regulatory Reform, Commercial and Antitrust Law Subcommittee will hold a legislative hearing on H.R. 526, the Furthering Asbestos Claim Transparency Act of 2015 (FACT Act), introduced by Regulatory Reform Subcommittee Vice-Chairman Blake Farenthold (R-Texas).
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. Similar legislation passed the House of Representatives with a bipartisan vote last Congress.
At Wednesday’s hearing, the Regulatory Reform Subcommittee will examine this legislation and hear from the following witnesses:
- Mr. Nicholas Vari, Esq., Partner, K&L Gates LLP;
- Mr. Marc Scarcella, Principal, Bates White Economic Consulting;
- Mr. Lester Brickman, Benjamin N. Cardozo Distinguished Professor of Law, Yeshiva University; and
- Mr. Elihu Inselbuch, Member, Caplin & Drysdale.
House Judiciary Committee Chairman Bob Goodlatte (R-Va.), Regulatory Reform Subcommittee Chairman Tom Marino (R-Penn.) and Regulatory Reform Subcommittee Vice-Chairman Blake Farenthold (R-Texas) issued the following joint statement on the upcoming subcommittee hearing:
“The Regulatory Reform Subcommittee’s legislative hearing on Wednesday will examine the FACT Act, a bill designed to eliminate fraud in the asbestos trust system and ensure victims, not unscrupulous actors, receive funds in the trusts. At the hearing, we will hear from expert witnesses on this bill and why reform is necessary to ensure future asbestos victims’ relief funds are protected against fraud.”