Railroad Right-of-Way Improvement Act

Railroad Right-Of-Way Improvement Act - Declares it the purpose of this Act to provide, during times of high unemployment, assistance to create employment opportunities in rebuilding the Nation's railroad rights-of-way.

Authorizes the Secretary of Transportation to provide financial assistance during times of high unemployment for the purpose of providing employment for unemployed and underemployed persons in jobs maintaining or rebuilding railroad rights-of-way. Authorizes, for appropriations of $500,000,000 for fiscal year 1975; $1,000,000,000 for the fiscal year 1976; and $1,000,000,000 for fiscal year 1977.

Requires such funds to be expended only for wages and employment benefits.

Prohibits further obligation of such funds to be made subsequent to a determination by the Secretary that the rate of national unemployment (seasonally adjusted) has receded below 4.5 percent for three consecutive months.

Requires applications for financial assistance for a railroad right-of-way employment program to contain specified assistances.

Directs the Secretary to transmit to Congress at least annually a detailed report setting forth the activities conducted under this Act.