A bill to establish a private corporation for the purpose of owning and administering certain railroads and railroad properties currently owned or financially supported by the United States.

Directs the Administrator of the General Services Administration to establish a for-profit corporation for the purpose of owning and administering specified railroads and railroad property.

Dissolves the Consolidated Rail Corporation (Conrail) and the National Railroad Passenger Corporation (Amtrak) and transfers their assets and liabilities to such corporation.

Directs the corporation to pay to the United States: (1) all of the proceeds from any sale of the common stock of the corporation; and (2) 49 percent of any profits earned by the corporation. Requires that such payments be deposited in the Federal Old-Age and Survivors Insurance Trust Fund.

Sets forth procedures for the issuance of corporate stock and the sale or exchange of Conrail and Amtrak stock.