John Cornyn: “I want to spend the next 20 minutes or so talking about the asbestos reform legislation that is pending before the…”

“I want to spend the next 20 minutes or so talking about the asbestos reform legislation that is pending before the Senate. During the 3 years I have been in the Senate, I have had the great honor and privilege of serving under two great chairmen of the Senate Judiciary Committee, Chairman Orrin Hatch and Chairman Arlen Specter. This bill that has come to the floor is the product of a Herculean effort, starting with Senator Hatch as chairman of the committee, and now in the able hands of Senator Specter. Along with our ranking member, Senator Leahy, they are cosponsors of this bill. I am one of 18 members of the Judiciary Committee who voted to get the product out of the committee and to the floor of the Senate because I believe it is imperative we find a solution to the scandal-ridden asbestos litigation crisis facing this Nation. But I was one of seven Senators who expressed some strong reservations about the bill in its current form, and I think I owe it to my colleagues to explain what we were thinking, what at least I was thinking, and what some of those reservations are. First, to address the problem confronting this country when it comes to the asbestos litigation crisis, the RAND Institute has documented that out of every dollar that goes into this asbestos litigation compensation system, only 42 cents actually goes to the claimant.…”