The industry has used its muscle to prevent federal, state and local governments from penalizing companies that park freight trains across roads for hours or days.
The last crisis, in 2011, led to a credit downgrade that sank stocks. This time, Treasury Secretary Janet Yellen has warned of a “financial catastrophe.”
The Biden administration is considering executive action to try to avoid a shutdown of the nation’s rail network that would harm the economy ahead of the midterm elections.