S.Amdt. 2854

SA 2854. Mr. DURBIN submitted an amendment intended to be proposed to amendment SA 2746 proposed by Mr. Frist (for Mr. Specter (for himself and Mr. Leahy)) to the bill S. 852, to create a fair and efficient system to resolve claims of victims for bodily injury caused by asbestos exposure, and for other purposes; which was ordered to lie on the table; as follows:

On page 243, strike lines 16 through 22 and insert the following:

(2) Federal financing bank.--

(A) In general.--In addition to the general authority in paragraph (1), the Administrator may borrow from the Federal Financing Bank in accordance with section 6 of the Federal Financing Bank Act of 1973 (12 U.S.C. 2285) in an amount not to exceed $5,000,000,000 for performance of the Administrator's duties under this Act for the first 5 years.

(B) Interest to be charged.--

(i) In general.--Any funds borrowed under subparagraph (A) shall be charged interest at the private market prime lending rate and repaid not later than 18 months after the date on which such funds were borrowed.

(ii) Surcharge.--The Administrator shall impose a surcharge on defendants and insurers to meet the repayment obligations under clause (i) and paragraph (4).