Senate Confirms Richard Kloster to Surface Transportation Board
The U.S. Senate has approved Richard Kloster's appointment to the Surface Transportation Board (STB). His arrival is timely as the agency prepares to review the significant proposed merger between Union Pacific and Norfolk Southern, a deal valued at $85 billion.
The United States Senate has officially confirmed Richard Kloster as a new member of the Surface Transportation Board (STB). This appointment comes at a critical juncture for the independent federal agency, which is responsible for economic regulation of freight rail, intercity passenger rail, and certain pipelines.
Kloster's confirmation is particularly significant given the STB's upcoming review of the proposed $85 billion merger between two major Class I railroads, Union Pacific and Norfolk Southern. This potential consolidation represents the largest transaction in the U.S. rail industry in almost three decades, making Kloster's presence on the board timely.