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 the carrier to provide such an arrangement within six months after the Commission's notification, then an arrangement shall apply which is at least as protective as the terms imposed under law in merger cases before February 5, 1976.

Prohibits the carriers, under such circumstances, from disposing or divesting themselves of any assets until such an arrangement has been provided.