Railroad Revitalization and Regulatory Reform Act

Summary

Railroad Revitalization and Regulatory Reform Act - Title I: General Provisions - Sets forth the findings of Congress. States that the purpose of this Act is to provide for the restoration, maintenance, and rationalization of the physical facilities and financial stability of the rail system of the United States. Title II: Procedural Reform of the Interstate Commerce Commission - Sets forth organizational and procedural changes in the Interstate Commerce Commission and the Rail Services Planning Office. Authorizes the Commission to establish a new Office of Rail Public Counsel. Stipulates that such Office shall be authorized to seek judicial review of specified actions relating to common carriers under this Act. Authorizes the Office to present before the Commission the views of communities and users of rail service affected by proceedings initiated by or pending before the Commission. Directs the Commission to prescribe, not later than June 30, 1977, a uniform cost and revenue accounting and reporting system for all railroad carriers. Title III: Railroad Rates - Prohibits the Commission from holding the rate of a carrier of one mode of transportation up to a particular level to protect the traffic of a carrier of another mode, if the rate proposed by the carrier is compensatory. States that a rate that is compensatory may not be found to be unjust or unreasonable on the basis that it is too low. Provides that the rate of a carrier is deemed to be compensatory when it equals or exceeds the variable cost to such carrier of providing the specific transportation to which the rate applies. Permits carriers to file with the Commission a notice of intention to file a schedule stating a new rate, fare, charge, classification, regulation, or practice whenever the implementation of the proposed schedule would require a total capital investment of $1,000,000 or more, individually or collectively, by such carrier. Authorizes the Commission to exempt from regulation for temporary periods of time any person to whom the application of regulation is unnecessary to effectuate the National Transportation Policy. Title IV: Abandonment - Sets forth procedures to be followed by carriers seeking to abandon service on railroad lines. Title V: Mergers and Consolidations - Sets forth the revised procedure to be followed in merger proceedings before the Commission. Requires notice to be given to Governors of those States affected by rail service mergers under this Act. Sets a 90-day delimiting period in which the Commission is to receive applications for consideration under this Act. Title VI: Provisions Relating to Discriminatory State Tax Practices - Designates specific State tax and assessment proceedings which shall be deemed an unreasonable and unjust discrimination against, and an undue burden on, interstate commerce. Title VII: Employee Protection Provisions - Requires railroads to provide fair and equitable arrangements to protect the interests of the employees affected by the abandonments, mergers, and consolidations authorized under the procedures in this Act. Title VIII: Establishment of Rail Transportation Fund - Directs the Secretary of Transportation to establish a Rail Transportation Fund, to consist of four separate accounts designated as follows: (1) the Rail Services Continuation Subsidy Account; (2) the Consolidation, Merger, and Improvement of Facilities Account; (3) the Rail Passenger and Intermodal Facility Account; and (4) the Loan Guarantee for Rail Improvement and Service Account. Authorizes appropriations to the separate accounts through fiscal year 1980 from sums appropriated pursuant to the Regional Rail Reorganization Act. Permits the Secretary to guarantee, loans for the Rail Improvement and Service Account. Title IX: Regional Rail Reorganization Act Amendments - Authorizes the United States Railway Association to purchase debentures and preferred stock of the National Railroad Passenger Corporation, in order to provide: (1) for the modernization, rehabilitation, and maintenance of rail properties acquired by the Corporation under this Act; (2) for the acquisition of equipment and other capital needs; (3) for the refinancing of indebtedness incurred by the Corporation under this Act; or (4) working capital as contemplated by the final system plan. Authorizes appropriations to the Association of $2,100,000,000 to be used to pruchase securities of the Corporation. Allows the Secretary to provide further financial assistance in the form of grants or loans in order to further the purposes of this Act. Title X: Studies and Revisions - Provides for appropriate existing law revision to implement this Act, Authorizes a study of Federal aid to rail transportation. Directs the Secretary of Transportation to conduct a study of railroad electrification for high density rail lines. Provides for a study and evaluation of the projected future of the rail system in the United States.

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Documents

2 official files

• Passed House amended

  summary · EN · 17 December 1975

  Open at official source

• Introduced in House

  summary · EN · 3 December 1975

  Open at official source

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