Freight Rail Industry Deregulation Legislation Statement on Senate Approval of the Legislation.

The Senate today passed the Railroad Transportation Policy Act of 1980 by a vote of 91-4. I want to congratulate Chairmen Howard Cannon and Russell Long and Senators Robert Packwood and Nancy Kassebaum for their leadership on this bill.

The railroad industry has suffered economic hardship over the past several decades. A major reason has been overregulation by the Interstate Commerce Commission. This legislation will provide needed relief from this costly and counterproductive regulatory burden, and will enable the railroads to better sere shippers through innovative rate and service offerings. At the same time, it provides adequate safeguards for captive shippers concerned about railroad rate increases. A sound railroad transportation system is essential to the economy and to our national energy goals. I applaud the Senate for its action, which is vital to the financial health of the railroad industry.

I call on the House to move promptly in removing unnecessary regulation of this essential industry.