On the recordMarch 9, 2017
The FACT Act is designed to require increased transparency to combat fraud committed against asbestos trusts. This amendment strikes the requirement that asbestos trusts publish the very data that is necessary to detect fraud between the trusts and State tort proceedings. In its place, this amendment calls for only a quarterly report with an aggregate list of demands received by the trusts. The simple aggregation of information is worthless in allowing parties to make a meaningful inquiry into whether or not they are being defrauded. This amendment guts the bill, and I urge opposition. Mr. Chairman, I reserve the balance of my time.
