Washington - Business Roundtable CEO Joshua Bolten today issued the following statement regarding the unresolved rail negotiations:
“Business Roundtable urges Congress to act on the Tentative Agreement between the nation’s largest railroads and labor unions ahead of the December 9 deadline. The threat alone of a nationwide rail strike is enough to cause severe economic damage, underscoring the need for timely congressional intervention.
“America’s freight rail operations are essential to our economy. A rail strike would cost the U.S. economy $2 billion a day, exacerbate inflation and supply chain disruptions, and create serious product shortages during the holiday shopping season. Additionally, a shutdown would prevent shipments of security-sensitive and hazardous materials like the chlorine that purifies our drinking water and fuels that power homes, businesses and vehicles.
“With the country already facing an economic downturn, Congress should ensure that America’s rail operations stay on schedule by acting on the Tentative Agreement as soon as possible.”