To extend the jurisdiction of the Interstate Commerce Commission to include approval of the acquisition of control of major rail carriers by persons that are not carriers and do not control and are not controlled by carriers.

Declares that control of a class I rail carrier may be acquired by a person that is not a carrier and does not control any other carrier with the approval of the Interstate Commerce Commission (ICC). Requires the ICC, when making such approval, to consider the: (1) effect of the proposed transaction on the adequacy of transportation to the public; (2) total fixed charges that result from the proposed transaction; and (3) interest of carrier employees affected by the proposed transaction. Requires the ICC to approve a proposed transaction when it finds the transaction is consistent with the public interest.