Surface Transportation Act

Surface Transportation 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, 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: Bus Transportation - Establishes the Federal Bus Administration within the Department of Transportation. Requires the Secretary of Transportation to carry out the Department's functions relating to the common carriers of passengers by motor vehicle through the Administration.

Authorizes the Secretary to make grants to States to cover 90 percent of developing State bus plans. Requires such plans to determine the primary efficient service routes throughout the State for common carriers of passengers by motor vehicle utilizing Interstate and Federal-aid primary highways and to determine efficient feeder routes to serve such primary routes.

Stipulates that after approval by the Secretary of a State's bus plan the State shall enter into contracts to provide common carrier motor vehicle passenger service on the feeder routes in such plan.

Stipulates that such contracts shall: (1) be offered first to private carriers holding service authority on such feeder routes; (2) be awarded to the lowest bidder; (3) include provisions for long-term low interest loans to cover vehicle, equipment, or operating costs or the option to participate in an equipment leasing program developed by the Secretary; (4) provide for State established fares including a 40 percent discount to persons over 65 years old and the handicapped; and (5) provide for the use of fuel efficient vehicles meeting the requirements of the Secretary.

Establishes within the Treasury a Motor Bus Trust Fund for making expenditures to carry out this title.

Directs the Secretary to make grants available for covering up to 80 percent of the costs of planning and renovating or constructing terminals to include waiting stations for common carriers of passengers by motor vehicle.

Directs the Secretary to establish a program to develop a national policy for intercity motor bus carriers and to establish a national route plan in conjunction with State bus plans and to streamline primary class 1 carrier routes.

Title III: 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 construction and renovation of bus terminals, 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.