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United States · Bill · HR

H.R. 787 (99th)

Conrail Privatization Act of 1985

referredUnited States· United States Congress· EN

Introduced

30 January 1985

Last action

26 February 1985 · Referred

Status

Referred to Subcommittee on Commerce, Transportation and Tourism.

Sponsors

Rep. Edgar, Robert W. [D-PA-7], Rep. Wise, Robert E., Jr. [D-WV-2], Rep. Edwards, Don [D-CA-10], Rep. Kolter, Joseph P. [D-PA-4], Rep. Rangel, Charles B. [D-NY-15], Rep. Lundine, Stanley N. [D-NY-34], Sen. Jeffords, James M. [I-VT], Rep. Traficant, James A., Jr. [D-OH-17], Rep. Kanjorski, Paul E. [D-PA-11], Rep. Martinez, Matthew G. [D-CA-31]

Subjects

Transport

Source updated

29 August 2025

Transport

Official sourceView documentsShare

Summary

Conrail Privatization Act of 1985 - Cancels all Federal interest in debentures, contingent interest notes and series A and B preferred stock of the Consolidated Rail Corporation (Conrail). Directs the Secretary of Transportation to sell to Conrail (for a specified price) all Conrail common stock shares held by the United States. Requires the cancellation of such shares after the sale. Prohibits the carryforward of investment tax credits or net operating loss deductions for Conrail for any taxable year after December 31, 1985. Directs Conrail to issue new common and preferred stock. Restricts the ownership or control of Conrail voting securities by any one person to ten percent. Requires the Secretary of Transportation to serve on the Conrail Board of Directors. Provides that the Secretary may only vote as a member of the Board on questions of overriding public interest. Grants the Secretary exclusive power to determine which Conrail actions raise questions of overriding public interest. Maintains the geographic location of Conrail headquarters as of the day prior to the stock sale.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

  1. 30 January 1985

    Introduced

    Referred to House Committee on Energy and Commerce.

    Source: IntroReferral

  2. 30 January 1985

    Introduced

    Introduced in House

    Source: IntroReferral

  3. 30 January 1985

    Introduced

    Introduced in House

    Source: IntroReferral

  4. 26 February 1985

    Referred

    Referred to Subcommittee on Commerce, Transportation and Tourism.

    Source: Committee

Votes

No vote records are attached yet.

Versions

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Documents

1 official file

Leesvertaling

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Sponsors

Related records

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Sources

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