"I urge the leader [Sen. Bill Frist, R-Tenn.] to schedule time for this important legislation in the coming months, and by introducing this bill today I am hopeful that we make a first big stride in that direction," he said.

"The time is now for asbestos reform and any further delay by this body will only prolong the suffering of asbestos victims, companies and their employees," he added.

In general, the legislation creates a $140 billion trust fund that will fund an alternative claims handling process administered through a new unit of the Department of Labor. The insurance industry would contribute approximately $46 billion to the fund over its 27.5-year life, the bulk of it in the first five years the fund is in existence.

The bill was sent back to the Judiciary Committee for further action for technical reasons in early February after several days' debate on the Senate floor. By revising it in this fashion, Sen. Specter meets the parliamentary requirements for restarting debate, subject to the approval of the Senate leadership.

In his comments Friday, Sen. Specter said his new bill will address concerns voiced by opponents by strengthening medical criteria for awards. It also adds an amendment which improves the process for contributions by both well-insured and financially-strapped defendant companies, he said.