Vigorous, intelligent and predictable antitrust enforcement promotes these principles by preventing the misuse of monopoly power.

The protection of our free markets is vital to the success of the American economy.

At this time, it is my pleasure to yield 5 minutes to the gentleman from Arizona (Mr. Franks), the chairman of the Subcommittee on the Constitution and Civil Justice.

Federal judges found that an overwhelming majority of Federal judges believed, based on their experience under both a weaker and stronger rule 11, that a stronger rule 11 did not impede development of the law, 95 percent; the benefits of…

I would ask the gentleman from Pennsylvania, what other sorts of legal claims should a victim be able to prove in court but be denied damages by the judge?

It is my pleasure to yield 5 minutes to the gentleman from Texas (Mr. Smith), the former chairman of the House Judiciary Committee and the chief sponsor of this legislation.

Reclaiming my time, if that were the case, then I don't think the President would have unilaterally delayed for 1 year the employer mandate where the vast majority of Americans are. Imagine if this bill had taken effect as originally…

Well, you are in court. You have got a frivolous lawsuit. The court finds it is a frivolous lawsuit. You prove that you are the victim of that legal claim and you prove it in court, yet you can be denied damages by the judge. What other…

Well, I thank the gentleman for his comment. And I would just point out that I practiced law during the time that the mandatory sanctions were in place in Federal court and found that it was a very good environment to do so. I was then…

We are prepared to close. If the gentleman from Michigan is prepared to close as well, I reserve the balance of my time.

To respond to the mischaracterization of this legislation as it is somehow imposing burdens on the victims of asbestos. In fact, it is quite the opposite. First of all, the information disclosed under the FACT Act is very basic and is less…

In reclaiming my time, that is not accurate. The claimants were offered a process by which they could come and speak to the members of the committee.

I demand a recorded vote. The CHAIR. Pursuant to clause 6 of rule XVIII, further proceedings on the amendment offered by the gentleman from Tennessee will be postponed. Amendment No. 2 Offered by Mr. Nadler The CHAIR. It is now in order to…

I claim the time in opposition to the motion to recommit. The SPEAKER pro tempore. The gentleman from Virginia is recognized for 5 minutes.

This amendment would exclude asbestos trusts that have in place internal audit systems from the requirements of the FACT Act. There has not been any evidence presented to establish that trusts with internal reporting systems are free from…

I have the time. The CHAIR. The gentleman from Virginia controls the time. {time} 1500

At this time, I yield 2 minutes to the gentleman from Texas (Mr. Farenthold).

It is my pleasure to yield 4 minutes to the gentleman from Texas (Mr. Farenthold), the author of the legislation.

To respond to the mischaracterization of the process followed in the Judiciary Committee. The FACT Act and the problems it addresses have been the subject of three separate hearings: one before the Judiciary Subcommittee on the…

It is my pleasure to yield 4 minutes to the gentleman from Alabama (Mr. Bachus), the chairman of the Regulatory Reform Subcommittee.

May I ask how much time is remaining on both sides. The CHAIR. The gentleman from Virginia has 18\1/2\ minutes remaining, and the gentleman from Michigan has 20\1/2\ minutes remaining.

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…

The FACT Act addresses a number of issues, including State court litigants' inability to obtain information from federally-supervised asbestos trusts and the general lack of disclosure that is allowing fraud to be committed against these…

I claim the time in opposition to the amendment. The CHAIR. The gentleman from Virginia is recognized for 5 minutes

One of the principal issues discussed over the course of three separate hearings before the Judiciary Committee was the existing impediments to information contained in the asbestos trusts. In particular, these impediments include…