A bill to assure an adequate supply of freight cars for the movement of the Nation's goods, to encourage the production and acquisition of freight cars and to facilitate the efficient use of rolling stock, to provide that the Secretary of Transportation certify his approval or disapproval of plans submitted to him by grain exporters regarding their proposed use of freight cars, and amending the Interstate Commerce Act.

Summary

Establishes a Federal Railroad Equipment Obligation Insurance Fund to be used by the Secretary of Transportation as a revolving fund for the purpose of carrying out this Act. Authorizes the Secretary to insure the interest on, and the unpaid principal balance of, any equipment obligation offered to him which he determines is eligible for insurance under this Act. States that the aggregate unpaid principal amount of equipment obligations insured under this part shall not exceed $1,000,000,000 at any one time. Sets forth specified standards and conditions to be satisfied before the Secretary shall insure any equipment obligation. States that if at any time the moneys in the fund are not sufficient to pay any amount the Secretary is required to pay under an agreement made under this Act, the Secretary is authorized to issue to the Secretary of the Treasury notes or other obligations in such forms and denominations as may be prescribed by the Secretary, with the approval of the Secretary of the Treasury. Provides penalties for any person who makes any statement knowing it to be false, or who wilfully overvalues any security, for the purpose of obtaining any loan guarantee. Authorizes the Secretary to assist in the design of a national rolling stock information service and to contract with and provide technical and financial assistance to individual railroads or groups of railroads. Directs the Secretary to report semiannually to the Congress with respect to the progress made by railroads in implementing the national system. Authorizes to be appropriated $40,000,000 for the purpose of this section. States that in any case in which any person enters into a contract to export grain from the United States, which contract calls for the exportation of more than one million bushels of grain, such person shall submit to the Secretary of Transportation a plan for the transportation of such grain to the United States port from which it is proposed to be exported. Requires the Secretary to determine if such plan will jeopardize the availability of railroad freight cars for the movement of other commodities in interstate commerce. Sets forth criteria under which the Secretary may disapprove any such plan. Provides penalties for any person, partnership or corporation which fails to submit a plan to the Secretary or which ships such grain to port in spite of the Secretary's disapproval.

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• Introduced in House

  summary · EN · 7 November 1973

  Open at official source

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