A joint resolution to provide for a settlement of the labor-management dispute between the Chicago and North Western Transportation Company and the United Transportation Union.

Sets forth conditions for resolving the labor-management dispute (referred to in a specified Executive Order) between the Chicago and North Western Transportation Company (a common carrier by rail in interstate commerce) and certain of its employees represented by the United Transportation Union.

Requires the parties to such dispute to take all necessary steps to restore or preserve the conditions out of which the dispute arose as such conditions existed before August 4, 1988, with specified exceptions. Makes the report and recommendations of a specified Emergency Board binding on the parties, with the same effect as an agreement under the Railway Labor Act (RLA), except that nothing in this joint resolution shall prevent a mutual written agreement to any terms and conditions different from those established herein.

Requires binding arbitration, on the request of either party, for unresolved issues after ten days following enactment of this joint resolution. Directs the National Mediation Board to appoint an arbitration board for such arbitration, to be conducted, enforced, and reviewed as if it were under the RLA. Designates the U.S. District Court for the Northern District of Illinois, Eastern Division, as the court in which such arbitration award is to be filed and reviewed. Requires binding arbitration to be completed within 30 days after enactment of this joint resolution.