American Railroad Consolidation Act

Summary

American Railroad Consolidation Act - Establishes an American Railroad Consolidation Commission. Prescribes the composition of such Commission and the rates of compensation. Directs the Commission to (1) after investigation and study, formulate a plan for the consolidation of all class I, privately owned, common carriers by railroad, including their railroad subsidiaries and affiliated terminal companies, in the United States (exclusive of Alaska and Hawaii, and excluding lines wholly owned and operated by Canadian National and Canadian Pacific Railways) into one private corporation and to determine the value of such railroads as a whole, the value of each separate component and proper capitilization of the entire system and distribution of securities to its components. (2) After adoption and authorization of such plan by Act of Congress, take such initial steps as are authorized by such Act, to carry out such plan. Sets forth the administrative powers of the Commission in performing its duties under this Act. Directs the Commission to report to the President and Congress the plan formulated within one year. Authorizes to be appropriated such sums as necessary to carry out the provisions of this Act.

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1 official file

• Introduced in Senate

  summary · EN · 3 October 1973

  Open at official source

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