Congress has been trying for years to craft an asbestos trust fund. It still doesn’t have it right, and Sens. Olympia Snowe and Susan Collins should not support the legislation. Although the Senate Judiciary Committee late last month overwhelming passed a $140 billion fund, committee members immediately said they would not support the deal on the floor. The biggest problem is that there is too little money in the fund.

Many people sickened by exposure to asbestos, which was used until the 1980s for insulation, building materials, auto parts and other products, have sued seeking damages to help cover their medical bills. Asbestos fibers are easily inhaled and can cause lung cancer and other lung damage. Symptoms often take decades to develop. About 10,000 Americans die from asbestos-related causes every year, according to the Environmental Working Group.

The major problem with the court remedy is that it is slow. Some victims have received millions of dollars, but most have received nothing as dozens of companies that made or used asbestos have sought bankruptcy protection. Some victims die before their cases are resolved.

A trust fund could remedy this by ensuring that all victims receive some financial compensation. Under the bill passed by the Senate committee, victims could not sue but would receive between $25,000 and $1.1 million, depending on the severity of their illness. This is too little for victims that will basically suffocate to death.

It is far less than the companies expected to pay out. Under the bill, asbestos manufacturers would have their payments capped at $27.5 million per year for 30 years, for a total maximum liability of $378.5 million. A study by Public Citizen found that the 10 largest asbestos firms would pay nearly $26 billion under current law. With the trust fund, they would pay only $5.6 billion. According to the report, Dow Chemical projects its future asbestos liability to be as much as $2.2 billion between 2004 and 2019.

It would pay only a fraction of that under the trust fund plan.

Because of these savings, experts expect the stock prices of companies like Dow Chemical and General Electric to increase if the trust fund is enacted. That’s good for investors, but not for asbestos victims.

Another sign that the trust fund may be too small is that the legislation allows the companies access to low-interest loans if more money is needed.

The bill would allow victims – those who are still alive – to regain their right to sue if the trust fund were to run out of money. A better solution would be to put more money into the trust fund to begin with or to require that it be replenished in say 20 years if it was running short of money.

Without such changes, this bill will shortchange the people it is supposed to help.