Norfolk Southern to Pay Millions for Derailment: Governor
A plume rises from a Norfolk Southern freight train that derailed in East Palestine, Ohio, Feb. 4, 2023. After the catastrophic train car derailment in East Palestine, Ohio, some officials are raising concerns about a type of toxic substance that tends to stay in the environment. (AP Photo/Gene J. Puskar, File)
By Marc Levy
Norfolk Southern has pledged several million dollars to cover the cost of the response and recovery in Pennsylvania after last month's derailment of a train carrying toxic chemicals just across the border in Ohio, Gov. Josh Shapiro said Monday.
Shapiro's office said he met with Norfolk Southern CEO Alan Shaw on Thursday and secured an initial commitment for financial aid as the cleanup from the Feb. 3 derailment continues.
Norfolk Southern has made similar pledges to Ohio, and the U.S. Environmental Protection Agency has ordered the company to cover the costs of cleanup from the derailment that toppled 38 rail cars in East Palestine, Ohio.
No one was hurt, but concerns that the chemicals could explode led state and local officials to approve releasing and burning toxic vinyl chloride from five tanker cars and to evacuate half of East Palestine and the surrounding area near the Pennsylvania border. Shapiro said Norfolk Southern will pay $5 million to reimburse fire departments for equipment that was contaminated or damaged and $1 million to Beaver and Lawrence counties to help business owners and residents whose livelihoods were damaged.
Another nearly $1.4 million will go to state agencies that responded, including for setting up a health clinic for residents, Shapiro said.
Shapiro's office said he will push Norfolk Southern to cover any additional costs that accumulate.
In Ohio, Norfolk Southern previously announced more than $1 million to replace fire equipment used in the response to the fiery wreck, plus $1 million for East Palestine and more than $1.2 million for evacuation costs for nearly 900 families and businesses.
The company has said it is “committed to coordinating the cleanup project and paying for its associated costs,” and wants to ensure that East Palestine’s residents and natural environment recover.
Federal and state officials have repeatedly said it’s safe for evacuated residents to return to the area and that air testing in the town and inside hundreds of homes hasn’t detected any concerning levels of contaminants. However, some residents say they’re still suffering from illnesses nearly a month later.
Carlo and Baker cover the latest developments with the Omicron variant, and break down what we know and what we still don't. Plus, a relatively tame Black Friday, and more.
Jurors on Wednesday convicted the three white men charged in the death of Ahmaud Arbery, the Black man who was chased and fatally shot while running through their Georgia neighborhood in an attack that became part of the larger national reckoning on racial injustice during the summer of 2020. Trial attorney and former prosecutor Leslie Ricard Chambers joins Cheddar News' Closing Bell to discuss the verdict, possible sentencing, and more.
Kyle Rittenhouse was acquitted of all charges Friday after pleading self-defense in the deadly Kenosha shootings that became a flashpoint in the debate over guns, vigilantism and racial injustice in the U.S. Criminal Defense Attorney Anthony Tall joins Cheddar News' Closing Bell to discuss the verdict, potential judicial precedent, and more.
President Biden has announced his intent to nominate Fed chair Jerome Powell for another four-year term, with Lael Brainard serving as vice chair. This comes at a crucial time for the economy as inflation is surging, the supply chain is broken, and labor shortages are hampering businesses across the country. Sabrina Escobar, reporter for Barron's, discusses why Biden passed up the opportunity to put the central bank in the hands of a Democrat, and what challenges Powell faces in his second term.
Jill and Carlo are a bit delayed today on account of Carlo's internet not working. Better late than never, they discuss what we know about the suspect in the Christmas parade crash, closing arguments in the Arbery killing trial, and more.
Stocks began the week closing at session lows on a day when bond yields rose and President Biden decided to stick with Jerome Powell as Fed Chair. Bryan Lee, Chief Investment Officer at Blue Zone Wealth Advisors, joins Cheddar News' Closing Bell, where he breaks down the day's activity and discusses what the Fed now needs to do going forward.
President Joe Biden announced Monday he is re-nominating Federal Reserve Chairman Jerome Powell after weeks of speculation that he would choose Democrat and Fed Governor Lael Brainard to fill the role. Biden could be looking for continuity as the U.S. continues to grapple with COVID-19 and high inflation, and investors could be on the same page: markets and treasuries ticked up after the White House made the announcement. MarketWatch Senior Reporter Greg Robb joins Cheddar News' Closing Bell to discuss Powell's re-nomination, what we can expect from the Fed's December meeting, whether it will speed up its taper timeline, and more.
