Joint resolution prohibiting urban mass transportation systems from raising their fares above present levels during a 2-year period, and providing for the payment of operating subsidies to urban mass transportation systems which incur deficits as result of such prohibition.

Prohibits urban mass transportation systems from raising their fares above present levels for a two-year period beginning November 14, 1973. Authorizes the Secretary of Transportation to make grants to assist any system which incurs an operating deficit due to the prohibitions contained in this Act.

Sets forth a formula for distribution of the funds made available for grants.

Authorizes to be appropriated not to exceed $400,000,000 for fiscal year 1974, and $400,000,000 for fiscal year 1975 for the purpose of financing grants to assist urban mass transportation systems.

Provides that no assistance shall be provided to any urban mass transportation system or any State or local public body or agency unless the applicant agrees that the rates charged elderly and handicapped persons during non-peak hours for transportation utilizing or involving the facilities and equipment involved will not exceed one-half of the rates generally applicable to other persons.

Prohibits assistance under the terms of this resolution unless the applicant has submitted a comprehensive mass transportation service improvement plan which is approved by the Secretary and which sets forth a program meeting criteria established by the Secretary for capital or service improvements to be undertaken for the purpose of providing more efficient, economical, and convenient mass transportation service in the urban area or areas involved, and for placing mass transportation operations in such areas on a sound financial basis.