A bill to amend the Regional Rail Reorganization Act of 1973 to authorize appropriations for the United States Railway Association for fiscal year 1979.

(House agreed to Senate amendments with amendment (See H. Res. 1433))

Amends the Regional Rail Reorganization Act of 1973 to authorize appropriations for the United States Railway Association for fiscal year 1979.

Authorizes such funds to remain available until expended.

Provides that members of the United States Railway Association Board of Directors shall continue to serve after the expiration of their terms of office until their terms of office until their successors have been appointed and qualified.

Allows the United States Railway Association, where it determines that continuation of rail service by certain railroads is desirable, to: (1) continue to make advances on certain loans up to the total principal provided, upon finding that good faith efforts have been commenced by such railroads toward establishment of employee stock ownership plans; and (2) increase the principal amount of such loans, up to a specified limit, if such railroads have in effect approved employee stock ownership plans.

Amends the Emergency Rail Services Act to allow the Secretary to waive certain required findings for guarantee of certificates to enable certain bankrupt railroads to maintain services.

Extends for three years the time States may negotiate with the Consolidated Railroad (ConRail) System for the purchase of surplus railroad trackage.

Amends the Railroad Revitalization and Regulatory Reform Act to provide that certain extensions of time in extraordinary situations can be granted if a majority of Commissioners agree thereto by public vote.

Requires the Secretary to conduct an investigation and study, to determine equitable rental charges for Alaska Railroad lands and to report the results to Congress within one year.

Stipulates that, prior to 180 days after such report is received by Congress, such rental charges shall not be increased by more than 100 percent of the amount charged on January 1, 1977.