A bill to amend the Railway Labor Act to promote railway efficiency, to provide increased compensation for railway employees, to decrease the possibility of the disruption of railway transportation.

Provides that a railroad carrier, under the Railway Labor Act, may make changes regarding rates of pay, rules, and working conditions if: (1) they do not relate principally to the health or safety of employees, (2) any cost savings realized will be shared 50 percent each by the carrier and the operating employees, and (3) any reduction in employees is accomplished by attrition. Provides that lock-outs or strikes or slowdowns will be unlawful actions if taken as a consequence of any dispute, subject to the provision of this Act. Provides that nothing in this Act will prevent the right of any employee to resign from his position of employment. (Adds 45 U.S.C. 160 (b))