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President Biden urges Congress to work to prevent railroad strikes – WaPo (NYSE:NSC)


President Biden Talks About the Railroad Labor Agreement in the Rose Garden

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President Biden is planning to beg Congress to intervene in stalled negotiations between railroad unions and regulators to prevent a strike, according to the Washington Post.

Citing an unnamed official familiar with the matter, the President is is expected to call on Congress to act first December 9 deadline. While the outlet points out that it is still unclear what course of action Congress will take from there, an extension of the cooling-off period and mandatory arbitration are on the table, According to the report.

Biden’s participation in the negotiations has been Rumors before Washington Post report.

The new development coincides with a letter sent to lawmakers by a coalition of more than 400 business groups on Monday. The union, which includes the American Chamber of Commerce, the National Association of Manufacturers and the National Retail Federation, called for a brief postponement of the strike to resume negotiations.

“A possible rail attack only adds to the headwinds facing the US economy,” reading letter. “Railway shutdowns will immediately lead to supply shortages and higher prices.”

The report adds that there is precedent for this interference, as Congress has intervened 18 times since 1926 in labor negotiations that threaten to adversely affect interstate commerce.

The group stated: “While a voluntary agreement with the four holding unions is the best outcome, the risks to the US economy and communities are simply triggering a rail strike. unacceptable by the country”. “Therefore, if there is no voluntary agreement, we urge you to take immediate steps to prevent a national rail strike and certain economic devastation that will follow. “

Relevant codes: Canadian Pacific Railway (CP), Canadian National Railways (CNI), CSX Corporation (NASDAQ:csx), Pacific Alliance (NYSE:UNP), Berkshire Hathaway (BRK.A) (BRK.B) and Norfolk South (NYSE:NSC).

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