High Speed Rail Transportation Policy and Development Act

High Speed Rail Transportation Policy and Development Act - Amends the Rail Safety and Service Improvement Act of 1982 to require the Administrator of the Federal Railroad Administration to submit to specified congressional committees a study of the commercial feasibility of constructing one or more high speed rail transportation systems in the United States. Authorizes appropriations.

Directs the Administrator to establish a National High Speed Rail Transportation Policy to promote the design, construction, and operation of high speed rail transportation systems in the United States.

Amends the Railroad Revitalization and Regulatory Reform Act of 1976 to authorize the Secretary of Transportation (Secretary) to guarantee obligations used to acquire, rehabilitate, or establish high speed rail facilities or equipment. Prohibits such guarantees until the Secretary finds, in the case of high speed rail facilities and equipment, that at least 85 percent of such items are mined, produced, or manufactured in the United States, unless specified conditions prevail. Requires the Secretary, before extending such guarantees, to receive assurances from the obligor that no assets from high speed rail operations will be used for other than high speed rail purposes if such use will impair the obligor's ability to provide high speed rail services in an efficient and economic manner, or will adversely affect the obligor's ability to perform any obligation guaranteed by the Secretary.

Requires the Comptroller General to report annually to specified congressional committees concerning high speed rail facilities and equipment.