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“In the 10 years from 1970 to 1980, America’s relationship to its railroads underwent a profound reorientation of purpose, a paradigm shift that—if we examine it carefully—helps us understand and interpret the circumstances we find ourselves in today.”

So begins Episode 5.

As we saw in Episode 4, this paradigm shift was meant to address a profound crisis within the railroad industry: faced with competition from other modes of transport—which, unlike railroads, were heavily subsidized by the public—the nondiscriminatory service and pricing that we had required of railroad corporations for almost a century was now driving several of them into bankruptcy.

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Last week, Solutionary Rail welcomed a panel of environmental justice and labor organizers to discuss how we can shift U.S. rail from being a source of harm to an infrastructure that benefits us all.

Our friends at Pace e Bene were calling for Solutions Circles as part of this year’s Earth Week, and we were honored to collaborate by hosting such incredible guests.

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This conversation rounds out a trio of interviews that explore the 46-year aftermath of the deregulatory Staggers Act. Our guest is Arnav Rao, who serves as a transportation policy analyst at the Open Markets Institute, where he works with previous Reconnect America guest Phil Longman.

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We have been exploring the effects of the deregulatory interventions that the U.S. implemented from 1970 to 1980—extraordinary measures that aimed to rescue railroad corporations and keep the infrastructure they operate under private control.

As we continue this exploration, we wanted to share a perspective that vividly brings to life the significance of what happened at that time and in the years that followed—not just the harms that were inflicted, but also the opportunities that were missed, the potential that remains untapped, and the enduring urgency of attempting to turn things around.

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As we gear up for the release of Episodes 5 and 6 of Reconnect America, we wanted to share some of the conversations that have been guiding us toward a deeper understanding of the last 46 years of U.S. rail transport and the evolving relationship between this critical national infrastructure and the businesses and communities that depend upon it.

My guest for today’s conversation is John Strong, professor of finance at the College of William and Mary. Professor Strong is the author of a handful of articles that have proven uniquely valuable in illuminating some of the interconnected issues that we are grappling with—in particular, the development of the operating model known as Precision Scheduled Railroading (PSR) and the rise of a class of activist investors who have aggressively forced this model upon railroad managers in North America.

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Earlier this month, I reached out to Jess Conard in the hopes of interviewing her for the Reconnect America podcast. I hardly expected that just a few days later we would be meeting face-to-face—along with my friend Beka Economopoulos, co-founder and Director of The Natural History Museum—in my cabin-studio in the woods of Vashon Island, Washington.

Jess is a resident of East Palestine, Ohio, where the 2023 derailment of a Norfolk Southern train and the subsequent decision to vent and burn over 115,000 gallons of toxic vinyl chloride caused an environmental and public health disaster whose consequences will be unfolding for decades to come.

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Though the railroad industry was deregulated in 1980, the public was always supposed to retain access to rail service that it could rely upon at a competitive price.

That promise has been broken, and Wall Street is only partially to blame. A lack of clarity and specificity in the statutes that authorize the Surface Transportation Board (STB) to regulate U.S. railroads has also prevented this agency from exercising the authority it is meant to have. That is why a growing base of support is coalescing around the bipartisan Reliable Rail Service Act.

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We recently released Episode Four of our main Reconnect America series. It explores in depth the story of the unique U.S. experiment in private ownership of the critical national infrastructure that railroads constitute, and the concessions we have made over the course of a century and a half to sustain that system. If you haven’t listened to it yet, we highly recommend you check it out.

As we prepare to continue the story into the present day with Episode Five, we are exploring the experiences of shippers who depend on railroads to move their products, by speaking with some of the folks who represent these businesses in negotiations with railroads and before the Surface Transportation Board (STB).

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Rail systems around the world are mostly owned and operated by the public. But the U.S. has only ever flirted with public ownership, and mostly in moments where this seemed like the only way to preserve a functional railroad system. Instead, for almost a century, we pursued a model of regulating corporate railroads to fulfill their public purpose while sustaining the revenue needed to keep them afloat. Meeting both of these objectives proved to be a balancing act which took decades to achieve, by which time it was already coming undone, thanks to massive public investments in competing modes of transportation. While it lasted, however, this system fueled the rise of what was, at the time, the largest middle class ever known.

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Wow, we interact with a lot of activists and advocates. What’s fascinating about this conversation is that amongst all of our guests thus far—Byron Porter is uniquely industry-adjacent. He brings together history, regulatory knowledge, and experience as a rail shipper and equipment provider for the railroad industry. You are gonna learn a ton from this incredible conversation—and that knowledge is gonna be very useful in the coming Endgame fight over the biggest rail merger in history.