Railroad Right-of-Way Improvement Act

Railroad Right-Of-Way Improvement Act - Amends the Interstate Commerce Act to declare that it is a purpose of such Act to provide, during times of high unemployment, assistance to create employment opportunities in rebuilding the Nation's railroad rights-of-way.

Authorizes the Secretary of Transportation to provide financial assistance during times of high unemployment for the purpose of providing employment for unemployed and underemployed persons in jobs maintaining or rebuilding railroad rights-of-way. Authorizes for such purposes, appropriations of $5,000,000,000 for fiscal year 1975, $1,000,000,000 for fiscal year 1976; and $1,000,000,000 for fiscal year 1977.

Requires such funds to be expended only for wages and employment benefits. Prohibits further obligation of such funds unless the rate of national unemployment (seasonally adjusted) has receded below 4.5 per cent for three consecutive months.

Requires that applications for financial assistance for railroad right-of-way employment programs contain specified assurances.

Directs the Secretary to transmit to Congress at least annually a detailed report setting forth the activities conducted under this Act.