According to the USDA Grain Transportation Report, on August 29, three labor unions, representing approximately 15,000 railroad workers, reached a tentative agreement with the railroads that now goes to labor members for their ratification. Nine other unions, representing approximately 130,000 workers, have yet to reach an agreement.
The negotiations began in 2020. After mediation with the National Mediation Board failed earlier this year, President Biden initiated a Presidential Emergency Board (PEB) to provide recommendations to help the parties come to a resolution. The PEB recommendations were released on August 16, which started a mandatory 30-day cooling-off period. If the railroads and unions have not reached agreement by September 16, the Railway Labor Act allows the parties to enter a “self-help” period, which allows for actions such as strikes and lock outs.
Read the full report here.