Current victims of asbestos exposure will have to act before the law is passed and becomes effective to be eligible for fair compensation.

The article points out that the introduced bill "would use a $140 billion trust fund to pay asbestos victims in a no-fault program similar to workers' compensation. Workers exposed to asbestos would be paid based on severity of injuries without proving in court who would be liable under existing tort laws, eliminating the high costs of litigation. Unlike current law, under which those who have been exposed to asbestos may be compensated for potential future injuries, damages can be collected only on proof of existing harm. These and other provisions are the result of 40 bargaining sessions over the last two years among manufacturers, the A.F.L.-C.I.O., insurers and trial lawyers."

The effect on victims would be that the federal government (Congress) would determine how much a victim could be compensated instead of having the compensation based on the merits of the case. It would be a one-size-fits-all situation.

While Sen. Specter's article focuses on what he calls "a huge and misleading advertising campaign to defeat the bill," it does contain some details about what the legislation proposes.