Norfolk Southern CEO Moorman supports the long view before U.S. House rail panel
Apr 24, 2013, 11:18 ET
WASHINGTON, April 24, 2013 /PRNewswire/ -- America needs fair and clear long-term policies that encourage continued investment in railroad infrastructure, technology, and sustainability initiatives, Norfolk Southern (NYSE: NSC) CEO Wick Moorman told a federal panel today.
"Industries, jobs, and taxes want to go where the railroad is," Moorman told the U.S. House of Representatives Transportation and Infrastructure Committee's Special Panel on 21st Century Freight Transportation. "In the last decade, 1,021 new and expanded facilities located along Norfolk Southern rail lines, representing $28.7 billion in customer investment and generating more than 48,000 jobs. That's just one railroad. What an incredible incentive to support railroads everywhere."
Moorman discussed Norfolk Southern's Crescent Corridor series of infrastructure improvements, as well as other initiatives, and said government should remove regulatory impediments to enhancing railroad safety and efficiency, as well reduce the deficit and put the economy on sound footing.
"Privately owned railroads are not only a barometer of the economy, but an essential element in solving this country's freight transportation problem," Moorman said. "We are planning for growth and investing for the future. I hope that, working with you, we all can look far ahead and do everything possible to make it happen."
Rep. John J. Duncan Jr. (R-TN) is chair and Jerrold Nadler (D-NY) is ranking member of the Special Panel, which has a six-month charter to examine the current state of freight transportation in the U.S. and how strengthening freight transportation can strengthen the economy.
To read Moorman's full statement, click here. View slides here.
Norfolk Southern Corporation (NYSE: NSC) is one of the nation's premier transportation companies. Its Norfolk Southern Railway Company subsidiary operates approximately 20,000 route miles in 22 states and the District of Columbia, serves every major container port in the eastern United States, and provides efficient connections to other rail carriers. Norfolk Southern operates the most extensive intermodal network in the East and is a major transporter of coal, automotive, and industrial products.
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