UP’s Young tells STB regulations will harm freight industry
Written by jrood
At a hearing before the Surface Transportation Board on June 22, Union Pacific CEO Jim Young testified that increased regulation would harm UP's commitment to investment and job creation. UP has invested more than $30 billion of capital in the past 11 years and expects to invest $3.3 billion this year. Young pointed to the 15,000 in new hires UP has planned for 2011 and added that additional regulation would curtail investment and stunt job growth. "The reality is that if the current balance of regulation is altered, freight rail will be unable to keep its commitment to invest in the future of our country's economy and jobs. At a time when our country faces a crisis in transportation infrastructure, the industry and regulators should be working together on preserving and encouraging further private investment, not debating changes that would have the opposite effect," said Young.
