A bill to require the provision of certain employee protection arrangements in certain railroad transactions involving parties under common control unless the Interstate Commerce Commission imposes employee protection arrangements within 6 months.

Amends Federal law relating to railroad employee protective arrangements in rail carrier transactions to provide that, in the case of a transaction between parties under common control, if the Interstate Commerce Commission has not issued a final decision requiring such a protective arrangement within six months after receiving notice of the proposed transaction, then such an arrangement shall be at least as protective as the terms imposed under current law in merger cases before February 5, 1976.