Amends the Bankruptcy Act to stipulate that, for the period between December 18, 1977, and November 6, 1978, an abandonment or sale of the properties of a railroad in reorganization need not be approved by the Interstate Commerce Commission.
Authorizes the Commission to direct a willing provider of truck or water transportation to transport the traffic of shippers using a railroad line abandoned pursuant to a court decree under the Bankruptcy Act if such transportation would be more efficient than directed rail carriage.
Sets forth employee protection arrangements for individuals displaced from their employment on account of such an abandonment. Stipulates that a rail carrier required to provide such protective arrangements shall be reimbursed for such costs by the Railroad Retirement Board. Requires the rail carrier to repay such sums when the Board determines that the financial condition of the carrier permits such reimbursement. Authorizes appropriations to the Board for such reimbursements.
Referred to House Committee on Public Works and Transportation.
Introduced in Senate
Referred to Senate Committee on Commerce, Science, and Transportation.
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