Mr. President, I have been working on product liability reform for more than a decade. Injured people are upset about both the length of time it takes to receive fair compensation and the high cost of legal fees. Manufacturers are reluctant to introduce new products because of the inconsistent product liability laws in the 50 States. Small businesses are hurt by the costs of defending themselves against unjustified lawsuits. Workers fear that the costs in the present system will drag the economy down.
Consumers question whether they are getting high quality products at a fair price.
We need reform that will improve the system for everyone. To do that, we must strike a balance between many competing interests. We must not adopt reform that tips the balance too far in any direction. In the past, I have opposed measures that unfairly limited the rights of consumers, and I will continue to do so. Because 70 percent of all products move in interstate commerce, this is an appropriate area for Federal standards.