Rail Freight Improvement Act

Rail Freight Improvement Act - Title I: Rail Transportation - Directs the Secretary of Transportation to prepare a national survey of the existing rolling stock of all rail freight carriers. Directs the Secretary, based on the results of such survey, to create regional reserves of railroad rolling stock for lease to rail carriers for seasonal, specialized or high volume operations which in and of themselves do not justify the purchase of equipment.

Directs the Secretary to establish, in conjunction with the reserve of rolling stock, regional rolling stock repair yards.

Directs the Secretary, every six months, to establish efficiency ratings for each participating rail carrier for each of its lines utilizing reserve rolling stock. Stipulates that if a carrier's rating has increased it shall be eligible for reduced leasing rates and that if such rating has decreased a penalty charge shall be assessed on future leases of rolling stock by the railroad.

Directs the Secretary to establish a computerized car identification plan to monitor the location, use, and respective load factors of the rolling stock in the regional reserve rolling stock program.

Authorizes the Secretary to make grants to States to conduct a study of abandoned rail lines or lines subject to abandonment to determine whether the line involved is crucial to intrastate or interstate shipment within such State, the costs of operating such a line, and whether the State should provide for the continued operation of such line.

Authorizes the Secretary, upon the completion of such a study, to make a loan to a State to cover 90 percent of the costs of upgrading such a railroad line for operation.

Authorizes appropriations out of the Railroad Rehabilitation and Improvement Fund to carry out the provisions of this title.

Title II: Transportation Public Service Employment - Directs the Secretary to enter into an agreement with the Secretary of Labor to develop policies, procedures, and programs to carry out this Act which will provide employment opportunities for the unemployed.

Directs the Secretary to provide public service jobs for upgrading and rehabilitating rail lines, maintaining and repairing Federal rolling stock held in regional reserves, construction of new repair yards, rehabilitation of existing repair yards, and maintaining and repairing upgraded rail beds.

Authorizes the Secretary to enter into agreements with business and industry for job training and employment with respect to employment projects generated by this Act.