National Transportation Rehabilitation and Modernization Act

National Transportation Rehabilitation and Modernization Act - Title I: General Provisions - Declares it to be the purpose of Congress to provide for employment opportunities, the conservation of resources, and the promotion of safe, efficient, adequate and economical transportation services through financial assistance and programs to rehabilitate, modernize, and improve essential transportation systems.

Defines terms used in this Act.

Title II: Railroad Rehabilitation and Improvement - Directs the Secretary of Transportation to provide funds to railroads, governmental transportation authorities and other responsible persons for rehabilitating, modernizing, or improving railroad facilities and railroad equipment as defined in this Act. Specifies what percentage of the cost of improvement projects on various Rail Systems may be covered by Federal funds. Provides for the Secretary to make loans to cover up to the total cost of a project in cases where the borrowing railroad, because of improvements effected by the project, will be in a position to repay the loan.

Defines the "National Railroad System" (National System) or all railroads within the continental United States subject to Part I of the Interstate Commerce Act. Subdivides the National System into: (1) the Interstate System, consisting of principal heavy traffic freight lines and intercity passenger lines, together with those rail yards, terminals, and other facilities required for main-line rail service; (2) the Secondary System, consisting of secondary or alternative freight lines; and (3) the Branch Line System, consisting of all other rail lines, yards, terminals, and other facilities in the National System.

Directs the Secretary to issue a report, within 60 days after the enactment of this Act, of all rail lines, yards, terminals, and other facilities on the National System, preliminarily classifying them as belonging to the Interstate, Secondary, or Branch Line Systems and setting preliminary priorities for rehabilitation; modernization; and improvement of each of these classes. States that the report shall be submitted to: (1) the Rail Services Planning Office (Office); (2) the State Governors; (3) the Secretary of Labor; (4) the Interstate Commerce Commission; and (4) the Congress.

Directs the Office to conduct public hearings on the Secretary's report and to solicit the views of interested parties on such report. Requires the Office to submit to the Secretary and to Congress a summary and analysis of its proceedings and an evaluation of the Secretary's report.

Directs the Secretary of Labor to summarize and report the estimated effects of the improvement projects proposed pursuant to this Act on employment opportunities in the industries, States, and political subdivisions of the United States. Specifies the parties to whom the report shall be given.

Directs the Interstate Commerce Commission to submit to the Secretary of Transportation and to the Office its analysis of the financial circumstances of railroads comprising the National System and the relative needs of such railroads for Federal assistance to rehabilitate, modernize, and improve their facilities pursuant to this Act.

Requires the Secretary to publish, within one year after the enactment of this Act, a final designation of the National System, together with a plan and program for improvements under this Act. Provides for the modification of such final designation.

Provides for the biannual submission to Congress by the Secretary of a Railway Needs Report, setting forth major transportation services that should be provided by railroads in the United States. Specifies items which the Secretary should consider in preparing such report.

Specifies the conditions under which the Interstate Commerce Commission shall authorize the joint use of rail line by an applicant railroad.

Provides for the allocation of costs to rail line users by the Office.

Authorizes appropriations for the purposes of this title through fiscal year 1980.

Title III: Highway Vehicle Improvement - Requires the Secretary, through the Administrator of the Federal Highway Administration, to provide assistance to corporations, States, local or regional transportation authorities, educational or research institutions, or other responsible persons, for research, development, experiment, and testing of vehicles to perform passenger and freight transportation on the highways, roads, and streets of the Nation at lower costs, with greater safety, reduced fuel consumption, and reduced environmental impact.

Authorizes appropriations to carry out the provisions of this title through fiscal year 1980.

Title IV: Waterway Vessel Improvement - Authorizes and directs the Secretary of Commerce, acting through the Assistant Secretary for Maritime Affairs, to employ funds made available under this title to develop, test, and encourage the production of improved vessels for use on the navigable inland and coastal waterways of the United States, including the Great Lakes.

Authorizes the appropriation of funds for the purposes of this title through fiscal year 1980.

Provides for the audit of the financial records of all recipients of financial aid under this Act by the Secretary, the Secretary of Commerce, or the Comptroller General.

Requires the Secretary and the Secretary of Commerce to submit annual reports to the President and to Congress of all activities pursuant to this Act.