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U.S. Chamber of Commerce calls on Congress to settle rail labor dispute

LOS ANGELES (Reuters) - The leader of largest U.S. business lobbying group on Tuesday called on Congress to intervene in an ongoing railroad labor standoff that threatens to idle...
U.S. Chamber of Commerce calls on Congress to settle rail labor dispute © Reuters. FILE PHOTO: An aerial view of gantry cranes, shipping containers, and freight railway trains ahead of a possible strike if there is no deal with the rail worker unions, at the Union Pacific Los Angeles (UPLA) Intermodal Facility rail yard in Commerce, Cal
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LOS ANGELES (Reuters) - The leader of largest U.S. business lobbying group on Tuesday called on Congress to intervene in an ongoing railroad labor standoff that threatens to idle shipments of food and fuel while inflicting billions of dollars of damage to an already struggling national economy.

U.S. Chamber of Commerce Chief Executive Suzanne Clark implored federal lawmakers to step in one day after members of the country's biggest railroad union rejected a tentative agreement brokered by a board appointed by President Joe Biden.

"Congress must now impose the deal President Biden negotiated, and the railroads and union leadership agreed to," Clark said.

Biden's Presidential Emergency Board in August released the framework for the tentative deal forged between major carriers like Union Pacific (NYSE:UNP) and a dozen unions representing 115,000 workers.

Four unions have since rebuffed that deal, angered that the railroads responded to their ask for 15 paid sick days with an offer of one paid personal day after their members kept vital goods flowing during the pandemic.

Those unions and their employers have until early December to settle their differences. If they do not, workers could strike and railroads could lock out employees - unless Congress intervenes.

"If Congress fails to do so, a rail strike would substantially exacerbate inflation and the economic challenges Americans are facing today," she said.

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    EUR/USD 1.0359 ↑ Buy  
    GBP/USD 1.2053 Buy  
    USD/JPY 138.54 ↑ Sell  
    AUD/USD 0.6690 ↑ Sell  
    USD/CAD 1.3445 Neutral  
    EUR/JPY 143.51 ↑ Sell  
    EUR/CHF 0.9806 Sell  
    Gold 1,750.85 ↑ Buy  
    Silver 21.267 ↑ Buy  
    Copper 3.5670 ↑ Sell  
    Crude Oil WTI 74.09 ↑ Sell  
    Brent Oil 81.35 ↑ Sell  
    Natural Gas 7.284 ↑ Buy  
    US Coffee C 164.40 ↑ Sell  
    Euro Stoxx 50 3,962.41 ↑ Buy  
    S&P 500 4,026.12 Neutral  
    DAX 14,541.38 ↑ Buy  
    FTSE 100 7,486.67 ↑ Buy  
    Hang Seng 17,214.00 ↑ Sell  
    Small Cap 2000 1,869.19 ↑ Buy  
    IBEX 35 8,416.60 Sell  
    BASF 49.605 Neutral  
    Bayer 55.45 Sell  
    Allianz 205.35 ↑ Buy  
    Adidas 123.98 Neutral  
    Lufthansa 7.567 ↑ Sell  
    Siemens AG 132.06 ↑ Buy  
    Deutsche Bank AG 10.390 ↑ Buy  
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SJC Eximbank6,640/ 6,710
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