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☆ Republicans want to shred Amtrak funding as the railroad plans a historic Sunbelt and Western expansion
▼ + stars: | 2023-07-20 | by ( Eliza Relman | ) www.businessinsider.com time to read: +4 min

House Republicans are proposing slashing funding for Amtrak and other infrastructure in the 2024 budget. The spending cuts, which would put Amtrak funding below 2003 levels, would also undermine the railroad's major plans to expand its routes and improve infrastructure in the Sunbelt and West. Passenger rail service is abysmal or nonexistent in most of the country. Both Houston — the fourth most-populous US city — and Phoenix, where the closest Amtrak station is 36 miles from downtown, have Amtrak service just three days a week, the railroad noted. More modern, electrified rail routes have even less environmental impact.

Persons: Stephen Gardner, Gardner Organizations: Republicans, Amtrak, Service, Privacy, House Transit, Housing, Urban, Infrastructure Investment, Jobs, The Texas Department of Transportation, Houston, Department of Energy, The Washington Post Locations: Washington, Boston, West, Seattle, Portland, Houston, San Antonio, Cleveland, Detroit, Nashville, Savannah, Midwest, Texas, Dallas, Fort Worth, —, Phoenix, Atlanta, The

☆ Largest federal transportation grant ever awarded to critical NY-NJ tunnel project
▼ + stars: | 2023-07-06 | by ( Gregory Wallace | ) edition.cnn.com time to read: +2 min

CNN —The replacement for a crumbling underwater tunnel connecting New York City and New Jersey that carries up to 200,000 people daily just received the largest-ever federal transportation grant, according to Senate majority leader Chuck Schumer. In all, some 24 trains per hour and 200,000 people daily (at pre-pandemic levels) pass through the tunnel, according to Amtrak. Gardner said the rail line and others have applied for $10 billion in federal grants, including for the Gateway project. “A future of rail transportation for passengers really across the entire east coast, and our connections to the west.”The project has political complications. President Donald Trump opposed spending so much federal funding on the project – back when it was expected to cost only $13 billion – according to the then-Transportation Secretary, Elaine Chao.

Persons: Chuck Schumer, Sandy, Stephen Gardner, ”, Gardner, “, Donald Trump, Elaine Chao Organizations: CNN, Amtrak, US Transportation Department, Development Commission, Transportation Locations: New York City, New Jersey, New York, America, ”

☆ US passenger railroad Amtrak CEO says ridership near pre-pandemic levels
▼ + stars: | 2023-06-06 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

WASHINGTON, June 6 (Reuters) - Amtrak CEO Stephen Gardner said on Tuesday the U.S. passenger railroad expects traffic to get back to pre-pandemic levels even as it projects about $800 million in losses for the current budget year. Passenger capacity measured by available seats during April remained 15% lower than 2019 systemwide because trains were running less frequently and there were equipment shortages, he added. Previously, Amtrak reported an adjusted operating loss of $884.9 million for 2022 and said it aims to break even in the coming years. Congress approved $66 billion for rail as part of the 2021 infrastructure bill, with Amtrak receiving $22 billion. Amtrak wants to double ridership nationwide by 2040 after its ridership grew 45% from 2003 to 2019 to 32.3 million riders.

Persons: Stephen Gardner, Gardner, David Shepardson, David Gregorio Our Organizations: Amtrak, U.S, U.S . House, Thomson Locations: Washington, Boston, Arlington , Virginia, Baltimore, Florida , Ohio, Arizona, Gulf Coast, Nashville, Columbus, Phoenix, Las Vegas

☆ Amtrak CEO: Pandemic delayed profitability by years
▼ + stars: | 2023-06-06 | by ( Greg Wallace | ) edition.cnn.com time to read: +2 min

Instead, CEO Stephen Gardner asked a congressional subcommittee on Tuesday to tolerate losses for several more years for the federally funded rail system while the company and country invest billions into improving passenger rail service. “Financial performance is not Amtrak’s sole objective,” CEO Stephen Gardner said in his written testimony to a House Transportation subcommittee. Amtrak CEO Stephen Gardner, left, accompanied by Northeast Corridor Commission Executive Director Mitch Warren, right, speaks during a House Transportation subcommittee hearing on Capitol Hill in Washington, Tuesday, June 6, 2023. Amtrak is also developing new lines of service to connect fast-growing regions and growing frequencies on existing routes. Subcommittee Chairman Troy Nehls, a Texas Republican, said Amtrak needed to prioritize its existing network over adding new routes.

Persons: Stephen Gardner, Gardner, Mitch Warren, Andrew Harnik, We’re, ” Gardner, Troy Nehls, ” Nehls Organizations: CNN, Amtrak, “, Transportation, Penn Central, Corridor Commission, Capitol, Long Distance, Texas Republican Locations: Washington, Texas

WASHINGTON, May 31 (Reuters) - U.S. passenger railroad Amtrak CEO Stephen Gardner will testify on June 6 before a U.S. House Transportation and Infrastructure railroads subcommittee, a spokesperson for the panel said on Wednesday, as traffic rebounds after a pandemic-driven dip. Gardner and Northeast Corridor Commission Executive Director Mitch Warren will testify at a hearing on Amtrak operations examining the challenges and opportunities for improving efficiency and service. Traffic on the busy Northeast Corridor connecting Boston and Washington more than doubled in the 12-month period ending Sept. 30 to 9.2 million passengers. Aging infrastructure is preventing Amtrak from running trains at higher speeds along the Boston to Washington northeast corridor. Amtrak said ridership rose 89% over 2021 levels to 22.9 million riders, up 10.8 million passengers over the prior year.

Persons: Stephen Gardner, Mitch Warren, Biden, David Shepardson, Chris Reese, Jamie Freed Organizations: Amtrak, . House Transportation, Infrastructure, Commission, Congress, Thomson Locations: Gardner, Boston, Washington, United States, New York Hudson

The Paul, Weiss, Rifkind, Wharton & Garrison partner is well-known for representing blue chip clients like Amazon in cases with millions or even billions of dollars on the line. "Widely considered one of the most preeminent litigators of his generation," is how his Paul Weiss bio puts it. Average profits per partner at Paul Weiss last year were $5.73 million, according to The American Lawyer. The case made national headlines, and the ex-judge, Roy Pearson Jr, was subsequently sanctioned by the D.C. Court of Appeals. In a statement filed with the court, Isaacson and McCrocklin's lawyer said the two sides' positions "are both extremely well-known to each other and seemingly very entrenched."

Organizations: & & '

☆ These mining ETFs are soaring as gold's rally powers ahead in January
▼ + stars: | 2023-01-31 | by ( Jesse Pound | ) www.cnbc.com time to read: +2 min

The SPDR Gold Trust (GLD) , which tracks gold prices, has a return of more than 5% in January, roughly matching the S & P 500. The VanEck Gold Miners ETF (GDX) has doubled up the SPDR Gold Trust this month, while the small cap Junior Gold Miners ETF (GDXJ) has gained more than 8%. Silver mining ETFs are also doing well, even though the iShares Silver Trust (SLV) is negative for the month. ETFMG's Prime Junior Silver Miners ETF (SILJ) has gained more than 8% this month. The SPDR Gold Trust had dipped less than 1% for three straight trading sessions entering Tuesday.

☆ U.S. passenger railroad Amtrak ridership jumps by 10 million riders
▼ + stars: | 2022-11-29 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

WASHINGTON, Nov 29 (Reuters) - U.S. passenger railroad Amtrak said ridership jumped by more than 10 million riders in the year ending Sept. 30 and has nearly returned to pre-COVID-19 levels. Amtrak said ridership rose 89% over 2021 levels to 22.9 million riders -- up 10.8 million passengers over the prior year. Amtrak traffic on the busy Northeast Corridor connecting Boston and Washington more than doubled in the 12-month period to 9.2 million passengers. Amtrak reported an adjusted operating loss of $884.9 million, which was an 18.2% improvement over the 2021 budget year. Amtrak said the system's jump in passenger traffic is "bucking the trend of continued lower ridership seen on most commuter railroads and public transit systems."

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