Metropolitan Washington Regional Transportation Act

Metropolitan Washington Regional Transportation Act - Directs the National Capital Region Transportation Planning Board to: (1) allocate Federal funds received by the Board among projects of regional significance; (2) propose a list of priority transportation projects; (3) propose a regional funding mechanism to fund the needed projects; (4) manage the Metropolitan Washington Regional Transportation Corporation to provide funding for such projects; (5) provide notice and opportunity for public comment; (6) conduct outreach and education activities to promote public participation; (7) promote cooperative action by metropolitan Washington regional jurisdictions on regional transportation issues; and (8) if necessary, assist such jurisdictions in developing an interstate compact or agreement to better meet regional transportation needs.

Authorizes one or more of the metropolitan Washington region jurisdictions to enter into an interstate compact or agreement to finance and implement one or more of the priority projects from the Board's long-range plan if consent is granted by: (1) the Governor of each State that enters into the compact or agreement; and (2) the Mayor of the District of Columbia, if the District of Columbia enters into such compact or agreement.

Establishes the Metropolitan Washington Regional Transportation Corporation, which shall assist in the management of any initial funding and implementation of an interstate agreement or compact to reduce traffic congestion or improve travel options in the metropolitan Washington region.