Political Quotes

“The FACT Act is a simple measure to address an obvious problem. The lack of transparency that exists in the asbestos bankruptcy trust system cannot be allowed to continue. Fraudulent claims are diluting the ability of too many trusts to provide for the recoveries of future asbestos victims, including our Nation's veterans, who must often rely solely on the bankruptcy process to obtain a recovery for their asbestos injury. The FACT Act will help preserve the finite amount of trust resources available for all future victims by increasing transparency in the asbestos bankruptcy trust system, thereby facilitating a reduction in fraud. The FACT Act achieves transparency through a measured approach, carefully crafted to provide strong privacy protections and respect states' rights, and strong privacy protections for veterans and all other victims. This will not delay compensation to asbestos victims but will ensure that the true victims, including victims who will be identified in the future as suffering from asbestos injuries, are not kept from having compensation. These trusts are being used up as a result of fraudulent claims. The asbestos bankruptcy trusts need additional transparency so they can root out fraud and protect recoveries for future asbestos victims. The FACT Act provides this vital sunshine in a simple, efficient manner. It is a 2-page bill. I commend my colleagues, Mr. Farenthold of Texas and Mr.…”