Schumer slams proposed mega rail merger

U.S. Senator Chuck Schumer (D-NY) held a press conference Sunday where he warned that the planned merger between Union Pacific and Norfolk Sothern railways could send freight costs soaring. Shareholders of both companies backed the $85 billion merger to create the nation’s first coast-to-coast rail network. The U.S. Surface Transportation Board must still approve the deal before it can be completed. However, Schumer warned, President Donald Trump has already fired a board member who was likely to oppose it, putting the merger on track for a swift approval.