Victor Fazio: “I rise today to affirm my support for product liability reform and commonsense legal reforms, but it is with great…”

“I rise today to affirm my support for product liability reform and commonsense legal reforms, but it is with great regret that I am not able to vote for final passage of this measure. First, let me be clear that I strongly believe that we need to replace the current costly patchwork of State laws on product liability with a uniform standard which is fair to consumers, manufacturers, and small businesses. Although over 70 percent of products routinely travel across State lines, under our current laws, the outcome of product liability lawsuits more often depend on geography than the merits of the cases. this confusion of 50 separate State laws stifles business innovation and development. As a result of skyrocketing liability costs, 39 percent of American manufacturers have decided not to introduce new products and 25 percent have discontinued new product research. For consumers, disparate liability laws means that the costs for litigation and skyrocketing insurance rates are passed on to them through higher prices for products. Furthermore, I support restoring fairness to liability litigation by applying a fair share principle for determining noneconomic damage awards, a step that the majority of States have already taken. This provision would ensure that victims are fairly compensated, but put an end to the practice of lawyers suing any deep pocket who is even remotely connected to the case.”