Rail Transportation Improvement and Employment Act

Rail Transportation Improvement and Employment Act - Authorizes the Secretary of Transportation to provide financial assistance for programs aimed at reducing unemployment and at repairing, rehabiliting, and improving railroad roadbeds, and facilities.

Provides that within sixty days after enactment the Secretary shall make funds available to any railroad which has laid off, furloughed, or otherwise reduced the number of maintenance-of-way and signal system maintenance employees between the period from June 1, 1974, through April 15, 1975, to the extent necessary to enable such a railroad to hire and maintain until June 1, 1976, sufficient numbers of such employees at prevailing wages to restore the size of its repair and rehabilitation work force to the maximum level maintained between June 1, 1974, and April 15, 1975.

Requires that such employees be utilized by the railroad for priority categories of work as specified in this Act.

Authorizes the Secretary until December 31, 1976, to provide financial assistance in the form of grants to States, political subdivisions or combinations thereof, the Appalachian Regional Commission, or Regional Action Planning Commissions for a rehabilitation program involving a facility within the categories set out in this Act. States that in reviewing the applications for financial assistance under this section, the Secretary shall consider specified criteria, including: (1) the extent to which the proposed project meets the objectives of this Act, and (2) the severity of unemployment in the affected area and the impact that the proposed project is likely to have on that unemployment.

Establishes an Advisory Commission to assist the States, political subdivisions, and regional commissions in identifying eligible roadbeds and facilities and in formulating and submitting appropriate grant applications.

Sets forth objectives and priority categories and eligibility requirements for grants.

Authorizes the Secretary to provide financial assistance to be expended solely for the acquisition of materials or equipment necessary or appropriate for implementing or carrying out a repair, rehabilitation, or improvement program or project receiving or approved to receive Federal financial assistance pursuant to this Act.

Directs that no contract or agreement for the performance of work receiving Federal financial assistance shall be entered into under this Act without assurances that required labor standards shall be maintained in the performance of such work. Requires that all laborers and mechanics employed by railroads, contractors, and subcontractors in the performance of work done with the aid of such financial assistance shall be paid wages at rates not less than those prevailing on similar work in the locality as determined in accordance with the Davis-Bacon Act.

Authorizes the Secretary to issue regulations to the extent necessary to administer the provisions of this Act. Requires that each recipient of assistance under this Act, directly or indirectly, regardless of form, shall maintain any records as the Secretary shall prescribe. States that the Secretary may conduct cost and benefit assessment studies of various programs under this Act.

Authorizes the appropriation of an amount not to exceed $600,000,000 for the purposes of this Act, which not more than $7,000,000 shall be available to the Secretary for administrative expenses in implementing this Act, such sums to remain availble until expended.

Authorizes the appropriation of an additional $100,000,000 for materials and equipment assistance as provided by this Act, such sums to remain available until expended.