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Rail News: CSX Transportation

CSX's Ward: U.S. needs to make 'aggressive' commitment to modernize infrastructure


The United States must make a “renewed and aggressive” national commitment to modernize its infrastructure in order to maintain its leading position in the global economy, said CSX Corp. Chairman, President and Chief Executive Officer Michael Ward during a panel discussion yesterday on “Investing in Global Infrastructure” at the Milken Institute Global Conference in Los Angeles.

“The quality of America’s infrastructure has long been one of the key reasons for its stunning success in the global marketplace,” said Ward. “Other nations are making serious forward-looking investments. The U.S. needs to do the same and do a better job of maintaining the strong but aging systems we already have in place.”

The nation’s railroads have invested more than $440 billion back into their infrastructure since 1980, he said. Since that time, freight traffic has nearly doubled.

While Ward noted that the freight-rail model is not applicable to all infrastructure challenges facing the nation, the United States should consider what role private capital can play, identify places where public and private funds can work together to provide tangible benefits to the public, and encourage regulations that both empower and hold accountable businesses that own and operate infrastructure.

The Milken Institute Global Conference brings together scientists, business executives, philanthropists, journalists, Nobel laureates and other dignitaries to discuss, debate and deliberate on today’s most pressing social, political and economic challenges.

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More News from 4/28/2010