(Bloomberg News circulated the following on May 26, 2011.)
WASHINGTON, D.C. — The White House announced today that 30 U.S. agencies are seeking to repeal or modify regulations in an effort to reduce reporting requirements and save businesses and individuals billions of dollars in compliance costs.
One of the proposals to come out of the review include changes to railroad safety rules.
The railroad proposal would scale back a requirement that railroads install technology intended to prevent collisions between trains.
Positive train control technology was mandated in a 2008 law following a fatal crash between a Union Pacific Corp. (UNP) freight train and a commuter train in Los Angeles that could have been prevented if the trains had been equipped with the technology. The plan says the requirement would be limited to areas where it is “actually needed” and would eliminate approximately 10,000 miles of track from PTC installation. The change would save $400 million initially and up to $1 billion over 20 years, according to the fact sheet.
Full story: www.bloomberg.com