With the election season behind us, the freight rail industry is eager to work with the Trump administration and Congress, helping advance policies that will spur economic growth.
Despite prolonged polarization, leaders in Washington understand many of the economic challenges facing this country. We hope they will move quickly on issues such as comprehensive tax reform that reduces the corporate rate, as well as the continued promotion of fair and open trade. These policies, as well as the steady presence of America’s privately owned freight rail network, are critical to solving big problems, including public infrastructure investment.
As part of these discussions, we will make it clear that a critical component of our national infrastructure is the freight rail industry, which generated $274 billion in economic activity in 2014 while supporting almost 1.5 million jobs throughout the country. This success is largely fueled by freight railroads’ private investment of more than $600 billion into the nation’s network since the industry was partially deregulated in 1980.
But we will also make it clear that to ensure this continues, we must stop unfounded regulatory efforts at the US Surface Transportation Board while overhauling the system that produced haphazard policies.
New rules should be empirically driven, supported by cost-benefit analysis and geared toward today's innovation economy. Too often, government makes rules in a vacuum and without an eye toward the future. Assessment of the cumulative impact of proposed regulation on industry must be part of every rulemaking.
Washington has a chance to be a positive force of change next year. Freight rail is excited to be a part of the action.