(The Associated Press circulated the following on September 9.)
WASHINGTON, D.C. — Canadian National Railway’s CEO says a measure gaining bipartisan support in Congress could threaten its plan to buy the Elgin, Joliet & Eastern Railway line in Chicago’s suburbs.
CN’s proposed purchase would be affected retroactively, requiring that regulators reject the plan if any adverse impacts on safety and on affected communities are found to outweigh transportation benefits.
Hunter Harrison told a congressional committee today the measure, by virtue of causing delays alone, could kill the deal.
He says CN would never have structured the deal as it is if he’d known such legislation could be passed and be retroactive.
Roughly 30 communities oppose the sale, saying the number of freight trains using the line would sharply increase.