Rail Passenger Service Act

Rail Passenger Service Act - Directs the Secretary of Transportation, in cooperation with the National Railroad Passenger Corporation, to immediately undertake a comprehensive reexamination of the Corporation's route structure from a zero base and to prepare preliminary recommendations for a Corporation route structure which will provide an optional intercity railroad passenger system based upon current and future market and population requirements. Requires the Secretary to publish such preliminary recommendations by May 1, 1978.

Requires the Secretary to complete a final report designating the Corporation's basic system within 90 days after the close of a 90 day public comment period.

Stipulates that such final report shall be deemed approved by Congress at the end of 60 calendar days of continuous session after the date of the transmittal of such report unless disapproved by a concurrent resolution.

Restructures the National Railroad Passenger Corporation to remove the requirement that the Corporation operate on a profit seeking basis. Stipulates that the terms of the present members of the Board of Directors of the Corporation shall expire on the date of approval of the Secretary's basic rail passenger system. Stipulates that after such date the Board shall consist of the Secretary of Transportation, the Secretary of the Treasury, and one member annually elected by the Corporation's common stockholders.

Requires that the Corporation's budgetary and accounting standards and systems be submitted to the Comptroller General for approval.

Establishes an "operations account" within the Treasury which shall receive and be accountable for all revenues collected in connection with the Corporation's activities and which shall be used exclusively to pay all necessary operating expenses in connection with the provision of rail services by the Corporation.

Authorizes appropriations for fiscal years 1979 and 1980 to the Corporation for operating expenses, capital acquisitions and improvements, and general and administrative expenses.

Requires the Corporation to annually submit a financial report to Congress. Requires the Corporation to submit a statement of estimated revenues, capital expenditures, and proposed budget authority for the five ensuing fiscal years.