Railroad leaders said the proposed merger, projected to wrap up in early 2027, could transform the U.S. supply chain, unleash American manufacturing, preserve union jobs and drive economic growth.

Union Pacific said on July 29 that it had agreed to buy smaller rival Norfolk Southern for $85 billion, including debt, in a deal that would create the first transcontinental U.S. railroad.

"We approach this development with measured skepticism rooted in the real-world impact such consolidation could have on rail workers, safety, service quality, and the long-term health of the freight ...