Railroad Revitalization and Energy Conservation Act

Rail Revitalization and Energy Conservation Act - Title I: General Provisions - Sets forth the findings of Congress and the purposes of this Act. Defines the terms used in this Act.

Title II: Abandonment Moratorium, Track Standards, and Alternative Service - Declares that no rail service may be discontinued and no rail properties hereafter abandoned except in accordance with this Act or the Regional Rail Reorganization Act of 1973.

Requires the Secretary of Transportation within 90 days after enactment to prescribe standards (effective one year later) for all main tracks based upon certain factors including high speed operation, energy conservation, and the needs of manufacturers, farmers, and other rail users as distinct from present minimum safety requirements.

Permits a railroad carrier or other interested party to petition the Interstate Commerce Commission for permission to abandon rail lines or services, or for alternative service.

Permits abandonment of rail lines or discontinuation of rail service only where it would not adversely affect the economic well being of any community or where alternative means of transportation are available at a reasonable cost.

Provides alternatives to abandonment.

Authorizes the Commission, in lieu of a petition for abandonment, to approve the transfer to a State, local, or regional transportation authority, or the Consolidated Rail Corporation, of all or part of a railroad's equipment and/or rights in its lines, provided the railroad agrees to provide service on the lines and the transportation authority or the Corporation agrees to maintain, upgrade, consolidate, and expand such lines, and assume the payment of State and local property taxes.

Authorizes the Secretary to provide financial assistance to lines which could not continue to function without such assistance. Authorizes to be appropriated for interim subsidies $50,000,000 for the first fiscal year and $25,000,000 for the second fiscal year after enactment of this Act, such sums as appropriated to remain available until expended.

Title III: Amendments to the Regional Rail Reorganization Act of 1973 - Authorizes the Corporation to acquire lines outside the Northwest Region.

Directs the Corporation to acquire rail lines pursuant to an application for alternative service under this Act. Provides for a negotiated agreement between the carrier and the Corporation subject to the approval of the Commission.

Provides that any railroad company which conveys its line to the Corporation, or which holds trackage rights over rail lines which are conveyed to the Corporation, shall have the right to continue its regular freight and passenger service.

Enables the Corporation to fix rights of trains, maximum train speeds, size and weight limits for equipment, and other rules governing operations over Corporation rail lines. Makes the Corporation liable for injury and damage.

Provides for a reduction in capacity of rail lines, if such a reduction will not result in elimination of service to any point.

Title IV: Car Allocation Program - Provides that if a railroad car manufacturer cannot deliver orders within one year after receipt, the Secretary shall establish priorities for manufacture and delivery based upon the following criteria: (1) the supply and delivery of health and food products, (2) conservation of the nation's energy supply, and (3) improvement of mass transit systems.

Title V: Equipment Improvement - Rolling Stock Utilization and Financing Act - Sets forth the definitions of terms used in this title. Establishes in the Department of Transportation an independent agency to be known as the Obligation Guarantee Board. Authorizes the Board to guarantee the payment of interest and principal of an equipment obligation prior to, on, or after the date of execution or the disbursement of such obligation.

Provides that an Obligation Guarantee Fund shall be established and administered by the Board as a revolving fund to carry out the provisions of this title. States that, except as otherwise provided, the Board shall not guarantee the payment of the principal of an equipment obligation in an amount in excess of 80 percent of the value of the rolling stock or equipment or facilities which are being financed. Enumerates the requirements for guarantees and lease obligations.

Authorizes the Board to issue notes or other obligations to the Secretary of the Treasury whenever the moneys in the fund are not sufficient to pay any amount which the Board is required to pay under an agreement under this title.

Directs the Secretary to designate a plan to establish a national rolling stock information system designed to facilitate equitable distribution and expeditious utilization of rolling stock operated within the continental United States and/or owned directly or indirectly by railroads and carpooling companies.

Declares that the antitrust laws of the United States are inapplicable to the extent necessary to carry out the purposes of this title as to any person who contracts with the Secretary or acts in conformity with the final plan.

Authorizes to be appropriated to the Secretary out of money in the Treasury not otherwise appropriated, the sum of $10,000,000.

Establishes a corporation to be known as the Railroad Equipment Authority to acquire, maintain, and provide general service railroad freight cars and other rolling stock; to manage a pool of such rolling stock; and to employ innovative concepts for equitable distribution and expeditious use of such stock to meet the needs of the national economy and the national defense. Details the general powers of the Authority. Provides for financing of the Authority through (1) a per diem surcharge; (2) negotiable debentures; and (3) purchase of obligations by the Treasury.

Authorizes to be appropriated the sum of $10,000,000 to be used to acquire capital stock of the Authority. Authorizes to be appropriated to the Secretary of the Treasury such sums as may be necessary to pay the principle and interest on notes or obligations issued by him as a consequence of any guarantee made under this section.

Directs a panel composed of the Secretary of Transportation, the Secretary of the Treasury, the Chairman of the Securities and Exchange Commission, the Chairman of the Commission and the Chairman of the Directors of the Authority to submit to the President and Congress a plan for the public sale of stock in the Authority after finding that a market exists for the sale of such stock and that the purposes of this title will be served thereby. Specifies the content of such plan.

States that if a national rolling stock information system is not operating effectively when the Authority is established, it shall establish such a system. Directs the Authority to establish and maintain a schedule of charges for the use of general service railroad freight cars and other rolling stock, and equipment directly related to the utilization of rolling stock.

Provides that, in carrying out their functions under this Act, the Board, the Secretary, and the Authority shall take adequate steps to protect the interests of affected employees.

Title VI: National Rail Service and Transportation Plan - Requires the Secretary to prepare a National Rail Service and Transportation Plan and supporting studies to be submitted to Congress and the Commission one year after enactment.

Directs the Secretary to prepare a financial analysis of the Nation's railroads, other than those in reorganization under the Regional Rail Reorganization Act of 1973, including a projection of capital requirements over the next 10 years for each category of investment including equipment maintenance, rolling stock, rail yards, and track construction and rehabilitation.

Lists the elements the Secretary shall report on a region-by-region basis in a survey of existing railroad equipment and personnel.

Requires the Secretary to project railroad equipment and facilities necessary to meet the transportation requirements of the United States, based upon: (1) different transportation models, utilizing various coordinated modes of transportation and (2) alternative kinds of Federal assistance.

Directs the Secretary to evaluate and develop cost estimates for the Federal assistance necessary for each projected transportation model.

Requires the Secretary to prepare a comprehensive report containing his conclusions with respect to essential rail services within the Nation and his recommendations as to the geographic zones at and between which rail service should be provided.

States that the Secretary shall formulate and submit to Congress a national transportation policy based upon the foregoing studies and a comprehensive report on the feasibility and desirability of expanding service by the National Railroad Passenger Corporation.

Requires the Commission to study and evaluate the Secretary's reports on rail services in the Nation and to: (1) solicit and study the views of Governors, mayors, shippers, the Secretary of Defense, wholesalers, and retailers within each region, farmers, consumers of goods shipped by rail, and other interested parties in public hearings held in the various regions of the country and (2) recommend changes in the National Rail Service and Transportation Plan.

Provides for Congressional review of the Secretary's and Commission's reports.

Authorizes to be appropriated: (1) to the Secretary such sums as are necessary not to exceed $25,000,000 for purposes of preparing the reports and exercising his functions under this title; and (2) to the Commission such sums as are necessary not to exceed $10,000,000 for purposes of evaluating the Secretary's report and exercising its functions under this title. Provides that such sums appropriated shall remain available until expended.