Lisa Rickard, president of the U.S. Chamber Institute for Legal Reform, recently argued in favor of the FACT Act (H.R. 982) in a blog post for The Hill.
The FACT Act requires increased transparency from asbestos trusts by requiring the asbestos trusts to file quarterly reports with bankruptcy courts detailing who has filed a claim and how much money was paid out. Ms. Rickard concludes that, “the bill’s reporting requirements would ensure that trusts have sufficient funds to pay legitimate claims by rooting out fraud in the system.”
The Act was passed by the U.S. House of Representatives on a 221-199 vote.