Rail Regulator Board Claims Independence Ahead of Merger Review

Nov. 20, 2025, 10:34 PM UTC

Members of the Surface Transportation Board on Thursday downplayed the role of politics in weighing a potential $85 billion merger between Union Pacific Corp. and Norfolk Southern Corp.

The joint appearance by the three board members follows growing concerns that President Donald Trump might interfere with the independent agency after Union Pacific files an official application for approval of a merger, expected by early December.

“We will consider all the evidence and argument and endeavor to make a thorough and fair decision, and that’s all I can say,” Board Chair Patrick Fuchs said during a joint appearance with ...

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