A proposal to make it easier for U.S. workers to join unions could have consequences for Boeing.

FedEx Corp., the second-largest U.S. package-shipping company, said Tuesday it may not buy 30 more Boeing Co. 777 freighters should federal law be changed to make it easier for its employees to join a union, Bloomberg News reports.

More from Bloomberg: FedEx in January exercised an option to buy 15 of the planes during the next decade and said in March 20 regulatory filing that it obtained another option for an additional 15. At the list price, 30 of the aircraft are valued at $7.7 billion.

Following through on those purchases depends on FedEx employees continuing to be under the Railway Labor Act, the company said in the filing. That law, which covers FedEx workers because the company was founded as an airline, requires a national vote if employees want union representation.

Legislation approved by a U.S. House panel on March 5 would make it easier for drivers at FedEx to vote locally to join unions, by placing the company under the National Labor Relations Act.

The Teamsters have been trying to win representation of FedEx drivers for years.

"If the regulatory and congressional environment remains hostile, there is virtual uncertainty over how weíd proceed," FedEx spokesman Maury Lane said today. The change would "stymie competition and create an economic roadblock to recovery," he said.

"FedEx is an important Boeing customer and we understand the company's concerns about the proposed legislation," said Jim Proulx, a spokesman for the aircraft maker. Chicago-based Boeing hasn't taken a position on the bill provision that would affect FedEx workers, he said.

Boeing hasn't added FedEx's first group of 15 options to its firm backlog because of the provision, and the second group has no definitive date, he said. FedEx this year begins taking delivery of an initial group of 15 of the 777s that aren't affected by the new contingency.

Federal and state regulators today tagged Everett-based Frontier Bank with a strict list of changes to management and lending policies.

Issuing what is known as an “order to cease and desist,” the Federal Deposit Insurance Corp. and state Department of Financial Institutions ordered Frontier to more closely monitor its loan portfolio and regularly report any progress or developments.

Bellingham-based Horizon Bank received a similar order earlier this month. A cease-and-desist order can be seen as in indication that regulators have found a bank’s policies or financial situation such that increased scrutiny is necessary.

In a statement today, according to Bloomberg News, Patrick Fahey, Frontier chairman and CEO, said “the bank has already begun working to address items cited in the examination and intends to fully comply with the terms of the agreement.”

The bank has entered into a stipulation and has consented to the order “without admitting or denying the alleged charges of unsafe or unsound banking practices and violation of law and/or regulations,” according to the regulators.

Fahey said the agreement will not impact depositors. All eligible accounts remain fully insured by the FDIC.

In the order, regulators cited certain “unsafe and unsound” practices recorded in an examination last July. Those include management that was detrimental to sound operations, a board that offered insufficient oversight, inadequate capital and loan reserves, a large quantity of poor quality loans, low earnings, and inadequate provision for liquidity.

For a look at the full order, visit www.frontierbank.com or click here.

Frontier stock closed down 14 cents at $1.35 in Tuesday trading. The stock is trading down 69 percent year-to-date, according to Bloomberg.

Tacoma-based Simpson Investment Co. has promoted Allan Trinkwald to the position of president. He will assume the office on April 1, according to an announcement today.

The current president, Ray Tennison, will become Simpson’s vice chairman and serve as an adviser the to board of directors.

Trinkwald began his career with Simpson in 2000 as chief financial officer. As chief operating officer, he oversaw operations at Simpson Door, Simpson Lumber and Simpson Tacoma Kraft.

“I think it’s a natural transition – to bring in a new leader and look at the long term mission of the company,” said Dave McEntee, Simpson vice president of operational services and external affairs, earlier today.

McEntee said he does not foresee any major changes in Simpson’s operations or mission with Trinkwald’s ascension. “It’s a challenging time for Allan, given the economy. You might even call it a depression in the forest-products industry.”

The promotion, he said, indicates “the ownership is showing strong support for the team that has been in place – and that includes Ray, Allan and the rest of the executive staff. Allan is a very collaborative, open guy. He really likes ideas. He’s a very strategic-thinking person, with a lot of experience in our industry.”

Tennison, known as a community leader as well as a successful executive, has held the presidency for some 20 years, McEntee said, “and he’s looking for other things to do with the company.”

Business at Simpson, as with other forest-products companies in the Northwest, has lately suffered with the negative economy. Still, McEntee said he remains hopeful.

“We see the inventory of new homes going down, finally. That’s a good sign. The first thing is we have to work through the glut of new-home inventory. We’re hopeful that that might be an early indicator. Maybe next year, third quarter, we might be able to see a bump in new starts and remodels.”

Simpson sawmills, he said, “are curtailed in terms of operating hours, but it’s not a story that’s unfamiliar. We are working diligently to keep our costs down, and remain competitive. We’ve got our head down and we’re working hard.”