Rail Maintenance Improvement and Employment Act

Rail Maintenance Improvement and Employment Act - Provides, under the provisions of the Emergency Job and Unemployment Assistance Act of 1974, that the Secretary of Transportation is authorized from funds appropriated and made available under such Act to provide financial assistance to common carriers engaged in transportation by railroad for wages of persons employed in programs and projects to maintain and improve their rights-of-way and structures, including mainline tracks, sidetracks adjacent thereto, roadbed, culverts, fills, tunnels, and other structures.

Directs the Secretary to provide financial assistance for any program or project under this Act only upon application by the carrier under regulations to be prescribed by the Secretary.

Requires that the Secretary not provide financial assistance for any program or project under this Act unless it is determined under regulations to be prescribed by the Secretary that the program or project: (1) will not result in the displacement of currently employed workers (including partial displacement such as reduction in the hours of overtime work or wages or employment benefits); and (2) will not result in the substitution of Federal for other funds in connection with work that could otherwise be performed by the carrier during the twelve months following application by the carrier.

Provides that persons employed under such program or project shall be paid wages at rates in accordance with existing applicable labor agreements.

Authorizes the Secretary of Transportation, on such terms and conditions as he may prescribe, to make loans on behalf of the United States to common carriers engaged in transportation by railroad to be used for equipment, materials, and supplies necessary for rehabilitating, maintaining, and improving their rights-of-way and structures, including mainline tracks, sidetracks adjacent thereto, roadbed, culverts, fills, tunnels, and other structures. Requires that the maturity date of any loan including all extensions and renewals thereof, shall not be later than thirty years from its date of issuance.

Authorizes the appropriation of $500,000,000 to carry out the provisions of this Act.