(The following letter to the editor by Michael Ward appeared in the Huntington Dispatch website on April 9. Mr. Ward is Chairman, President and Chief Executive Officer of CSX Corporation.)
HUNTINGTON, W.Va. — The letter to the editor in the April 4 Herald-Dispatch that said “Representative Rahall owes CSX an apology” is incorrect and could not be further from the truth. As chairman and CEO of CSX, I would like to set the record straight. The facts are that Rep. Rahall, D-W.Va., has been a strong and outspoken advocate for CSX throughout his Congressional career.
Ideas and projects that Rahall has championed are paying great dividends for West Virginia and for the country as a whole. The partnership that CSX has with the Rahall Transportation Institute has led to many important technological advances and innovations that have resulted in allowing CSX to improve safety, reliability and efficiency.
These cutting-edge technologies, which were developed in West Virginia, are not only benefiting CSX, but the entire rail industry as well. This truly is a shining example of a successful public-private partnership; a marriage of research and development with real world applications. CSX looks forward to continuing and growing this partnership.
Furthermore, Rahall has been an effective leader in the effort to ensure that America’s freight railroads are able to earn revenues adequate to allow for reinvestment in infrastructure improvements that increase safety, capacity and efficiency. He understands that federal policy needs to encourage private investment in transportation, and that policies that create over-regulation will discourage, or even make impossible, the huge private investment that is needed, are shortsighted and not in the best interest of our country.
Here is one telling example: During the recent (March 5) House Railroad Subcommittee hearing on rail infrastructure investment, Rep. Rahall indicated in the strongest possible terms his support for increased investment in rail infrastructure. He also expressed his concern and opposition to proposals being advanced by an activist hedge fund investor in CSX that has called for the company to freeze investment capital. Rahall understands that ideas such as this are value destructive and would very likely result in loss of both jobs and business for CSX.
CSX is most appreciative of Rep. Rahall’s longstanding support of CSX and the entire United States rail industry and commends him for his national leadership on transportation issues.
Michael Ward