Union Pacific CEO Jim Vena is facing criticism after a video surfaced of him suggesting the railroad could raise shipping rates by 3% to 4% for customers opposing its proposed merger with Norfolk Southern. The comments, made at a March 2026 industry conference, sparked backlash from competing railroad CPKC, freight shippers and lawmakers, who raised concerns about potential retaliation and the integrity of the merger review process. Union Pacific defended Vena’s remarks as an offhand comment and emphasized that customer opinions would not influence pricing or service. The Surface Transportation Board, which is reviewing the merger, ordered the video’s release. Despite the controversy, Union Pacific continues to promote the merger as a way to improve rail service and create the nation’s first transcontinental railroad.

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