A joint resolution to amend the Regional Rail Reorganization Act of 1976.

Provides that if any profitable railroad fails to notify the United States Railway Association in writing of its acceptance of an offer of rail properties in accordance with time limits established by the Regional Rail Reorganization Act of 1973 because of a failure to reach agreements as set forth in the Act, the properties designated in the final system plan to be offered to any such profitable railroad shall be transferred in trust for such railroad. States that rail properties being held in trust shall not be conveyed, transferred, leased, or otherwise abandoned, encumbered, or disposed of for a period of 60 days after the date of conveyance established by the Act. Provides that during such period the rail properties shall be operated by the Corporation for the account of the profitable railroad to which such properties were offered by the Association.

Provides that upon notification by the profitable railroad of acceptance of the offer of rail properties contained in the designations in the final system plan, the Association shall deliver an amended certified copy of the final system plan to the special court which shall in turn order the Corporation to transfer such rail properties as it is holding in trust to the profitable railroad involved.

Provides that if the acquiring railroad and the representatives of the employees of a railroad from which the acquiring railroad intends to acquire properties, fail to reach agreement pursuant to the Act concerning employment conditions, such conditions shall be prescribed by the Secretary of Transportation. States that if the Secretary's plan is certified to the Congress by the Secretary of Labor within 25 days after the date of conveyance as affording fair and equitable protection and benefits to affected employees, such plan shall govern the employment of such employees in the event of such acquisition.