To provide for the resolution of the outstanding issues in the current railway labor-management dispute.

Requires the parties to specified disputes between railway carriers (represented by the National Carriers' Conference Committee of the National Railway Labor Conference) and certain of their railroad employees (represented by specified labor organizations) to take all necessary steps to restore or preserve dispute conditions as they existed before 12:01 a.m. on December 6, 2011, such status to remain in effect through December 31, 2014 (the cooling off period).

Makes the report and recommendations of the Presidential Emergency Board No. 243 issued on November 5, 2011, however, binding on the parties, with the same effect as though arrived at by agreement of the parties under the Railway Labor Act, for the period from January 1, 2010, through December 31, 2014 (except with respect to the optional election by a labor organization that is a party to this dispute of the specified interim January 1, 2015, employee wage increase).