Surface Transportation Board February 2024 – Federal Register Recent Federal Regulation Documents

The Surface Transportation Board (Board) is accepting for consideration an application (Application) filed on January 30, 2024, by Canadian National Railway Company (CNR) and Grand Trunk Corporation (GTC), together with the Iowa Northern Railway Company (Iowa Northern or IANR) (collectively, Applicants). The Application seeks Board approval for CNR and GTC to acquire control of Iowa Northern, a Class III rail carrier that operates a total of approximately 218 route miles in the state of Iowa. This proposal is referred to as the ``Proposed Transaction.'' The Board is also accepting for consideration two related filings. Those filings are verified notices of exemption seeking Board approval of transactions involving mutual trackage rights between Iowa Northern and the Chicago, Central & Pacific Railroad Company (CCP), an indirect rail carrier subsidiary of GTC (Related Transactions).

The Board is instituting a proceeding to determine the railroad industry's cost of capital for 2023. The decision solicits comments on the following issues: the railroads' 2023 current cost of debt capital, the railroads' 2023 current cost of preferred equity capital (if any), the railroads' 2023 cost of common equity capital, and the 2023 capital structure mix of the railroad industry on a market value basis.

The Chairman of the Surface Transportation Board is publishing the Regulatory Flexibility Agenda for fall 2023.

The Board hereby gives notice of a vacancy on RSTAC for a large railroad representative. The Board seeks nominations for candidates to fill this vacancy.