Chuck Schumer Warns Trump Against Rubber Stamping Takeover Of Norfolk Southern By Union Pacific

Forbes Breaking News

During remarks o the Senate floor Thursday, Senate Minority Leader Chuck Schumer (D-NY) spoke about the proposed takeover of Norfolk Southern by Union Pacific.

Transcript

00:01The rail merger. This week, Union Pacific, the largest freight railroad in America,

00:07announced its intention to acquire Norfolk Southern in an $85 billion mega merger,

00:14the largest railroad deal in history. If approved, this deal would cut down the industry from four

00:23major players to just three, pushing us even further down the road of dangerous consolidation

00:28and monopoly power. And right on cue, the companies are already making the same tired claims. This

00:34merger will promote competition, improve service, benefit workers and customers alike.

00:40History tells us the opposite. The last four decades of railroad mergers have led to worse

00:46service, worse safety, worse working conditions, higher costs for shippers, which ultimately means

00:51higher prices for consumers. They also promise no union jobs will be cut, but we've heard that before

00:57from the same executives who laid off thousands of workers while raking in record profits.

01:03That's why Smart TD, the largest rail union in the country, is opposed to this deal. They know

01:08what's coming. Job cuts, corner cutting, corporate greed at scale. The Surface Transportation Board has a

01:15responsibility to protect competition, to protect safety, protect the public interest. This is a

01:21hostile takeover of America's infrastructure, and it's a test for the Trump administration. Will they side

01:29with the railroad oligarchs, or will you side with the workers and families? If Donald Trump rubber stamps

01:34another merger that hands over critical infrastructure to a corporate cartel, he'll prove once again that he's

01:42not on the side of working Americans. I yield the floor. Note the

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Transcript

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