Senate approves bill enforcing railroad labor agreement before strike deadline, sends to Biden
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The Senate passed legislation that would force a tentative rail labor agreement and thwart a national strike.
A separate vote on adding seven days of paid sick leave to the agreement failed.
The legislation now goes to President Joe Biden, who urged Congress to move quickly on its passage.
watch now
watch now
VIDEO
1:03
01:03
The Senate passed legislation that would force a tentative rail labor agreement and thwart a national strike.
A separate vote on adding seven days of paid sick leave to the agreement failed.
The approved bill, passed by a vote of 80 to 15, now goes to President Joe Biden, who had urged Congress to act quickly before this month's strike deadline and "send a bill to my desk for my signature immediately." The measures come after talks had stalled between the railroads and four unions, which had previously rejected the agreement.
Biden has said he was reluctant to override the vote against the contract by some unions but stressed that a rail shutdown would "devastate" the economy. Labor groups have said that enforcing an agreement with the legislation denies them the right to strike.
In a statement after the Senate vote, Biden said he would sign the bill into law "as soon as Congress sends it to my desk."
"I know that many in Congress shared my reluctance to override the union ratification procedures. But in this case, the consequences of a shutdown were just too great for working families all across the country," Biden said in the statement.
The legislation, which was approved by the House on Wednesday, enacts new contracts providing railroad workers with 24% pay increases over five years from 2020 through 2024, immediate payouts averaging $11,000 upon ratification and an extra paid day off.
The House on Wednesday approved a separate measure that would have added seven days of paid sick leave to the contract instead of just one. That measure was defeated in the Senate vote. Paid sick leave has been the main point of disagreement during negotiations between railroads and the unions.
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VIDEO
31:46
31:46
Jeremy Ferguson, president of SMART-TD, told CNBC there's growing concern that some rail workers will quit after receiving their backpay without guaranteed paid sick time.
"I keep hearing that some are going to do that. It's always a possibility," he said. "I hope that doesn't happen. I want every member to stay employed and enjoy all the benefits that we do have and we are going to need more employees if we're going to have adequate time off."
The parties had until Dec. 9 to reach an agreement before workers promised a strike, which the industry estimated would cost the U.S. economy $2 billion per day. Without an agreement, rail movement of certain goods was set to be curtailed as soon as this weekend in preparation for the strike.
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watch live. live. Markets. Pre-Markets. U.S. Markets. Currencies. Cryptocurrency. Futures & Commodities. Bonds. Funds & ETFs. Business. Economy. Finance. Health & Science. Media. Real Estate. Energy. Climate. Transportation. Industrials. Retail. Wealth. Life. Small Business. Investing. Personal Finance. Fintech. Financial Advisors. Options Action. ETF Street. Buffett Archive. Earnings. Trader Talk. Tech. Cybersecurity. Enterprise. Internet. Media. Mobile. Social Media. CNBC Disruptor 50. Tech Guide. Politics. White House. Policy. Defense. Congress. Equity and Opportunity. CNBC TV. Live TV. Live Audio. Business Day Shows. Entertainment Shows. Full Episodes. Latest Video. Top Video. CEO Interviews. CNBC Documentaries. CNBC Podcasts. CNBC World. Digital Originals. Live TV Schedule. Watchlist. Investing Club. Trust Portfolio. Analysis. Trade Alerts. Video. Education. PRO. Pro News. Pro Live. Subscribe. Sign In. Menu. Make It. USA. INTL. watch live. live. Search quotes, news & videos. Markets. Business. Investing. Tech. Politics. CNBC TV. Watchlist. Investing Club. PRO. Menu. WATCH LIVE. The Senate passed legislation that would force a tentative rail labor agreement and thwart a national strike. A separate vote on adding seven days of paid sick leave to the agreement failed. The legislation now goes to President Joe Biden, who urged Congress to move quickly on its passage. watch now. watch now. VIDEO. 1:03. 01:03. The Senate passed legislation that would force a tentative rail labor agreement and thwart a national strike. A separate vote on adding seven days of paid sick leave to the agreement failed. The approved bill, passed by a vote of 80 to 15, now goes to President Joe Biden, who had urged Congress to act quickly before this month's strike deadline and "send a bill to my desk for my signature immediately." The measures come after talks had stalled between the railroads and four unions, which had previously rejected the agreement. Biden has said he was reluctant to override the vote against the contract by some unions but stressed that a rail shutdown would "devastate" the economy. Labor groups have said that enforcing an agreement with the legislation denies them the right to strike. In a statement after the Senate vote, Biden said he would sign the bill into law "as soon as Congress sends it to my desk." "I know that many in Congress shared my reluctance to override the union ratification procedures. But in this case, the consequences of a shutdown were just too great for working families all across the country," Biden said in the statement. The legislation, which was approved by the House on Wednesday, enacts new contracts providing railroad workers with 24% pay increases over five years from 2020 through 2024, immediate payouts averaging $11,000 upon ratification and an extra paid day off. The House on Wednesday approved a separate measure that would have added seven days of paid sick leave to the contract instead of just one. That measure was defeated in the Senate vote. Paid sick leave has been the main point of disagreement during negotiations between railroads and the unions. watch now. watch now. VIDEO. 31:46. 31:46. Jeremy Ferguson, president of SMART-TD, told CNBC there's growing concern that some rail workers will quit after receiving their backpay without guaranteed paid sick time. "I keep hearing that some are going to do that. It's always a possibility," he said. "I hope that doesn't happen. I want every member to stay employed and enjoy all the benefits that we do have and we are going to need more employees if we're going to have adequate time off." The parties had until Dec. 9 to reach an agreement before workers promised a strike, which the industry estimated would cost the U.S. economy $2 billion per day. Without an agreement, rail movement of certain goods was set to be curtailed as soon as this weekend in preparation for the strike. TV. Listen. TV. Listen. Subscribe to CNBC PRO. Licensing & Reprints. CNBC Councils. Select Personal Finance. CNBC on Peacock. Join the CNBC Panel. Supply Chain Values. Select Shopping. Closed Captioning. Digital Products. News Releases. Internships. Corrections. About CNBC. Ad Choices. Site Map. Podcasts. Careers. Help. Contact. News Tips. Got a confidential news tip? We want to hear from you. Advertise With Us. CNBC Newsletters. CNBC Newsletters. Sign up for free newsletters and get more CNBC delivered to your inbox. Get this delivered to your inbox, and more info about our products and services. |. |. |. © 2022 CNBC LLC. All Rights Reserved. A Division of NBCUniversal. Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. Data also provided by.