FOR IMMEDIATE RELEASE
June 17, 2026
WASHINGTON, D.C. — Stop the Rail Merger Coalition today responded to alarming comments made by Union Pacific CEO Jim Vena at an investor conference in which he suggested that the Surface Transportation Board (STB) should rush its review of the proposed UP/NS merger, despite UP/NS’s own failure to provide the information necessary to judge whether the merger is in the public interest.
While the STB accepted the second application filing from UP/NS, it concluded that key aspects of the proposal “are unclear or underdeveloped and require supplementation at this stage of the proceeding.” As a result, the Board paused the proceeding pending receipt of extensive additional information from UP/NS.
The STB warned that moving forward with the UP/NS review now would require the Board and public stakeholders
to assess and respond to complex aspects of the proposed merger without the clarity and detail necessary to evaluate how the proposed merger aligns with the current regulatory framework.
In comments at an investor conference that was published yesterday by Trains PRO, Vena ignores this warning and calls for the proceeding to continue despite the glaring deficiencies in its submission. “It’s pretty clear that we’ve gone to the next step,” Vena stated. Vena also suggested that unless the Surface Transportation Board (STB) abides by Union Pacific’s self-serving interpretation of the Board’s merger rules, then UP and NS do not have to meet the public interest test that is at the very heart of the agency’s merger review standard.
“Jim Vena wants the STB to short circuit the STB process and rush to a decision with incomplete information. UP/NS have been less than forthcoming so far: This merger proposal will not enhance competition for railroad shippers and will hurt consumers and the American public.”
Congress has made it clear that the cornerstone of federal rail merger review exists to protect American workers, rail shippers, consumers, and the broader economy. Just weeks ago, the House Appropriations Committee reaffirmed the STB’s rigorous public interest standard in its FY2027 Transportation, Housing and Urban Development Appropriations bill, with bipartisan support. That report language directed the STB to conduct a rigorous and comprehensive review to ensure the proposed transaction delivers substantial public benefits, enhanced competition for rail shippers, and protections for the U.S. economy and consumers.
Under federal law, UP and NS bear the burden of demonstrating substantial and demonstrable public benefits that could not be achieved by other means. No timeline changes what this merger is: a bad deal for America that must be rejected.
The Stop the Rail Merger Coalition, representing a broad cross section of the U.S. economy and the majority of union workers of UP and NS, has consistently warned that this merger would reduce competition, hurt workers, drive up costs for American manufacturers, farmers, and consumers, and weaken the nation’s supply chain.