Statement on the Settlement of Railroad Contract Disputes

These agreements represent a triumph of the collective bargaining process. I commend the parties for their hard work in reaching these settlements. I also commend our Presidential Emergency Boards for developing recommendations that helped to bring about these resolutions.

In the past 25 years, Congress has had to step in no fewer than 10 times to prevent national rail stoppages. Such stoppages can cost American businesses and consumers billions of dollars. The voluntary contract agreements achieved this year broke that pattern and represent a milestone for labor-management relations.