U.S. Senate leader Schumer urges federal safety probe into all major freight railroads
Reuters
Published Mar 15, 2023 11:21AM ET
Updated Mar 15, 2023 03:02PM ET
By Richard Cowan and David Shepardson
WASHINGTON (Reuters) - U.S. Senate Majority Leader Chuck Schumer on Wednesday urged a federal investigation into safety practices of all seven major freight railroads, following the East Palestine, Ohio derailment of a Norfolk Southern Corp (NYSE:NSC) train.
In a letter, Schumer urged the National Transportation Safety Board (NTSB) to launch an investigation of Norfolk Southern, BNSF Railway, CSX (NASDAQ:CSX), Union Pacific (NYSE:UNP), Canadian National, Canadian Pacific (NYSE:CP), and Kansas City Southern (NYSE:KSU).
Schumer said that over the past five years, freight rail companies have had "over 26,500 accidents and incidents and 2,768 deaths, all while cutting roughly 20% of their workforce."
In a Senate speech on Wednesday, Schumer accused the seven freight carriers of a "dangerous industry-wide trend" that he argues "puts profits over people's safety."
"Norfolk Southern isn't the only rail company that has spent years lobbying to loosen regulations, neglect safety upgrades and lay off workers," Schumer said.
NTSB Chair Jennifer Homendy told reporters on the sidelines at an event she had received Schumer's letter but was unclear if the agency has the authority to conduct such a broad based probe.
"We'll evaluate it and see what's possible," Homendy said.
The NTSB said last week given the number and significance of recent Norfolk Southern accidents it was opening what it called a special investigation and urged "the company to take immediate action today to review and assess its safety practices."
On Feb. 3, a Norfolk Southern train carrying hazardous materials derailed in East Palestine, Ohio, resulting in the release of over 1 million gallons of harmful pollutants. Norfolk Southern CEO Alan Shaw, who testified last week before a Senate panel, will appear before another Senate committee on March 22.
Get The News You Want
Shaw has apologized for the Ohio derailment and promised to improve his company's safety practices, while also devoting resources to cleaning up the East Palestine site.
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.