Federal Railroad Transportation Authority Act

Federal Railroad Transportation Authority Act - Title I: Findings, Purpose and Definitions - Delcares the finding of Congress that the preservation of adequate railroad transportation can be met only by emergency measures which will assure the continuation of service in the northeastern region and the Nation. States that a permanent solution to the threat of liquidation can only be met by direct governmental assumption of the duties, responsibilities, and properties of railroads.

Title II: Creation of Federal Railroad Transportation Authority - Creates, as an agency of the United States government, the Federal Railroad Transportation Authority. States it to be the purpose of such authority to provide an effective, efficient, and modern integrated transportation service.

Establishes a Board of Directors to govern the authority. Sets forth the composition of such Board and their compensation.

Empowers the authority to: (1) sue and be sued; (2) own, manage, and operate the facilities of eligible railroads and subsidiaries; (3) conduct research and development; (4) acquire facilities and equipment; (5) engage in business functions and activities consistent with this Act.

Requires the Authority to report annually to Congress and the President on its activities. Authorizes appropriations of $10,000,000 for fiscal year 1973 for organization and development of the Authority.

Title III: Provision of Transportation Service - Provides that on and after October 1, 1973, the Authority shall acquire the facilities of any eligible railroad together with the facilities of said railroads' subsidiaries.

Provides that for a period of two years from the date of acquisition the Authority shall determine the most effective means of operation of its sytem, including consolidation, modification, or other alteration. Requires the Authority to confer with representatives of users, States and communities served by the Authority's system to determine transportation needs.

Prohibits the Authority from seeking to abandon any line of railroad for a period of one year following acquisition. Entitles the employees of eligible railroads and to fair and equitable arrangements to protect their interests. Specifies what constitutes protective arrangements.

Title IV: Miscellaneous Provisions - Authorizes appropriations equal to 50 percent of the liquidated value of the facilities of eligible railroads and the values of facilities of subsidiaries acquired by the Authority.