Norfolk Southern CEO Addresses East Palestine Derailment and Safety Bills.

Norfolk Southern CEO, Alan Shaw, announced during a Senate Commerce Committee hearing that the company will create a medical compensation fund and a property value assurance program to provide long-term financial support to residents of East Palestine, Ohio, where one of its trains carrying hazardous materials derailed and ignited a fire. Shaw also expressed support for a bipartisan bill that would tighten rail regulations, including strengthening notification and inspection requirements for trains carrying hazardous materials and increasing fines for safety violations by rail carriers. However, the Association of American Railroads CEO, Ian Jefferies, argued that the legislation would place "excessive and unnecessary operational burdens" on the industry.