S.Amdt. 2865
What it does: Rewrites page 162, line 22 through page 163, line 22
Sen. Joseph R. Biden Jr. (D-DE)What it changes
1 change to S.Amdt. 2746
Rewrites page 162, line 22 through page 163, line 22
ReplacesRemoves page 162, line 22 through page 163, line 22.
Inserted: (c) Tier II Subtiers.--
Inserted: (1) In general.--Each person or affiliated group in Tier II shall be included in 1 of the 5 subtiers of Tier II, based on the revenues of such person or affiliated group. Such subtiers shall each contain as close to an equal number of total persons and affiliated groups as possible, with--
Inserted: (A) those persons or affiliated groups with the highest revenues included in subtier 1;
Inserted: (B) those persons or affiliated groups with the next highest revenues included in subtier 2;
Inserted: (C) those persons or affiliated groups with the lowest revenues included in subtier 5;
Inserted: (D) those persons or affiliated groups with the next lowest revenues included in subtier 4; and
Inserted: (E) those persons or affiliated groups remaining included in subtier 3.
Inserted: (2) Payments.--Except as adjusted by paragraph (3), each person or affiliated group within each subtier shall pay, on an annual basis, the following:
Inserted: (A) Subtier 1: $27,500,000.
Inserted: (B) Subtier 2: $24,750,000.
Inserted: (C) Subtier 3: $22,000,000.
Inserted: (D) Subtier 4: $19,250,000.
Show 6 more inserted paragraphsShow less
Inserted: (E) Subtier 5: $16,500,000.
Inserted: (3) Adjustments.--The following persons or affiliated groups in Tier II shall have their annual payment to the Fund adjusted as follows:
Inserted: (A) Each person or affiliated group with prior asbestos expenditures equal to, or greater than, $200,000,000 but less than $300,000,000 shall pay, on an annual basis, an amount equal to 200 percent of the amount for the subtier to which that person or affiliated group is assigned under this subsection.
Inserted: (B) Each person or affiliated group with prior asbestos expenditures equal to, or greater than, $300,000,000 but less than $400,000,000 shall pay, on an annual basis, an amount equal to 250 percent of the amount for the subtier to which that person or affiliated group is assigned under this subsection.
Inserted: (C) Each person or affiliated group with prior asbestos expenditures equal to, or greater than, $400,000,000 but less than $500,000,000 shall pay, on an annual basis, an amount equal to 300 percent of the amount for the subtier to which that person or affiliated group is assigned under this subsection.
Inserted: (D) Each person or affiliated group with prior asbestos expenditures equal to, or greater than, $500,000,000 shall pay, on an annual basis, an amount equal to 350 percent of the amount for the subtier to which that person or affiliated group is assigned under this subsection.
Original wording
On page 162, line 22 strike all through page 163, line 22, and insert the following:
Read automatically from the Congressional Record. Check the original before relying on it.
As printed
SA 2865. Mr. BIDEN 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 162, line 22 strike all through page 163, line 22, and insert the following:
(c) Tier II Subtiers.--
(1) In general.--Each person or affiliated group in Tier II shall be included in 1 of the 5 subtiers of Tier II, based on the revenues of such person or affiliated group. Such subtiers shall each contain as close to an equal number of total persons and affiliated groups as possible, with--
(A) those persons or affiliated groups with the highest revenues included in subtier 1;
(B) those persons or affiliated groups with the next highest revenues included in subtier 2;
(C) those persons or affiliated groups with the lowest revenues included in subtier 5;
(D) those persons or affiliated groups with the next lowest revenues included in subtier 4; and
(E) those persons or affiliated groups remaining included in subtier 3.
(2) Payments.--Except as adjusted by paragraph (3), each person or affiliated group within each subtier shall pay, on an annual basis, the following:
(A) Subtier 1: $27,500,000.
(B) Subtier 2: $24,750,000.
(C) Subtier 3: $22,000,000.
(D) Subtier 4: $19,250,000.
(E) Subtier 5: $16,500,000.
(3) Adjustments.--The following persons or affiliated groups in Tier II shall have their annual payment to the Fund adjusted as follows:
(A) Each person or affiliated group with prior asbestos expenditures equal to, or greater than, $200,000,000 but less than $300,000,000 shall pay, on an annual basis, an amount equal to 200 percent of the amount for the subtier to which that person or affiliated group is assigned under this subsection.
(B) Each person or affiliated group with prior asbestos expenditures equal to, or greater than, $300,000,000 but less than $400,000,000 shall pay, on an annual basis, an amount equal to 250 percent of the amount for the subtier to which that person or affiliated group is assigned under this subsection.
(C) Each person or affiliated group with prior asbestos expenditures equal to, or greater than, $400,000,000 but less than $500,000,000 shall pay, on an annual basis, an amount equal to 300 percent of the amount for the subtier to which that person or affiliated group is assigned under this subsection.
(D) Each person or affiliated group with prior asbestos expenditures equal to, or greater than, $500,000,000 shall pay, on an annual basis, an amount equal to 350 percent of the amount for the subtier to which that person or affiliated group is assigned under this subsection.
Legislative Activity
Stay on top of the latest movement without scrolling through every action
Senate amendment submitted
February 14, 2006