Rail Services Act

Rail Services Act - Title I: Rate Modernization - Directs the Interstate Commerce Commission to make final determinations in proceedings for the adjustment of divisions of joint rates or fares retroactive to the date of commencement of such proceedings. Requires that rates to be charged for any service rendered by a carrier shall be reasonable (as defined in this Act). Directs the Commission to establish standards for determining whether a carrier possesses market dominance.

Provides that whenever a rate is challenged as being unreasonably high, the Commission shall determine whether the carrier filing the rate has market dominance over such rate. Specifies those factors to be considered in such a determination. Directs that rates of a carrier shall not be held up to a particular level to protect the traffic of any other carrier or mode of transportation.

Provides that the Commission shall set standards for the establishment of rail service rates in response to changes in the level of seasonal, regional, and shipper demand for rail services. Authorizes the Commission to establish procedures for setting separate rates for distinct rail services.

Provides that the Commission shall establish standards and procedures for determining adequate revenue levels for carriers subject to this Act.

Directs that agreements between carriers shall be subject to Commission approval under specified conditions. Gives the Commission investigative and review authority over such agreements.

Title II: Interstate Commerce Commission Improvements - Establishes the Office of Public Counsel affiliated with the Commission. Provides that the Counsel shall assist the constructive representation of the public interest in low-cost transportation services. Authorizes the appropriation of specified amounts to the Office to carry out its functions.

Provides that any interested person may petition the Commission to commence a proceeding of the issuance, amendment or revocation of an order, rule, or regulation under specified procedures.

Requires the Commission to prepare a revision of the Interstate Commerce Act and a proposed codification of all Federal laws relating to surface transportation.

Title III: Programs and Studies - Requires the Secretary of Transportation to formulate a national transportation program, including a survey of resources and problems, a plan to meet transportation needs and to coordinate existing Federal laws relating to transportation.

Directs the Secretary to conduct a study of Federal policy of aid to transportation and the disadvantages of such aid to the nations' railroads.

Title IV: Rail Service Coordination - Provides a process to facilitate the prompt implementation of proposals to coordinate rail services and facilities.

Title V: Rehabilitation Funding - Authorizes the United States Railway Association to: (1) provide fixed plant rehabilitation and improvement financing, in the manner provided in this Act; (2) prescribe and impose fees and charges for services performed by the Association; and (3) settle, adjust, and compromise, and, with or without consideration or benefit to the Association, to release or waive in whole or in part, in advance or otherwise, any claim, demand, or right of, or against the Association.