Mark Kirk: “In 48 hours Congress will face the single most important pending issue of legislation to help our economy. Does your…”

“In 48 hours Congress will face the single most important pending issue of legislation to help our economy. Does your 401(k) look like mine? If so, it is due to the dot.com bust, the war, recession, and possibly even a little bit of Martha Stewart. But it is also due to another problem, and this problem is depressing the value of 900 stocks that form the bedrock of our retirement savings. The issue is asbestos liability reform. Really. We bankrupted asbestos makers like Johns Manville and U.S. Gypsum a long time ago, but lawsuits now reach out to many companies, most companies, who have had asbestos anywhere in their ceiling tiles, walls, or in the case of Sears Roebuck, in one washer and one iron sold between 1957 and 1958. Spending on the lawsuits might make sense if our justice system actually compensated victims suffering from asbestos poisoning. But, as the chart behind me shows, most asbestos awards go to lawyers' fees and court costs, and a minority actually goes to the lawsuit plaintiffs. Of the amount that goes to plaintiffs, only a small fraction goes to people who are actually suffering from asbestos poisoning. When you look at this situation, as Justice Ruth Bader Ginsberg did, you see a system crying out for reform. Amazingly, the American Bar Association has called for this liability reform. In this House, I introduced the Asbestos Compensation Act with 40 cosponsors.”