Jeff Denham: “I thank the chairman for giving me time to speak on the Surface Transportation Board Reauthorization Act of 2015. This…”

“I thank the chairman for giving me time to speak on the Surface Transportation Board Reauthorization Act of 2015. This is an important piece of legislation that will reform the STB to work more efficiently to better regulate the railroads. This year is the 35th anniversary of the passage of the Staggers Rail Act of 1980, which saved the railroad industry from bankruptcy. Earlier this year, my subcommittee held a hearing on the successes of the railroad deregulation. We heard how railroads were freed to act more like true businesses by charging market-driven rates and being able to right-size their operations along rail lines, which made economic sense. This deregulation effort culminated in the creation of the STB in the Interstate Commerce Commission Termination Act of 1995. The STB is a small but significant agency that conducts the economic regulation of the railroads and has not been reauthorized since its creation. {time} 1500 The bill we consider today would streamline and simplify regulatory activities, a hallmark of this Congress.…”