Railroad Regulation Improvement Act

Railroad Regulation Improvement Act - Revises Federal law with respect to Federal rail transportation policy. Declares it to be Federal policy to provide protection to shippers of grain, soybeans, and sunflower seeds against unreasonable rail rates and practices. Prohibits the Interstate Commerce Commission from exempting persons and services from the provisions of Federal law with respect to transportation of grain, soybeans, and sunflower seeds. Sets forth standards for rail rates on such products.

Makes it unlawful for certain rail carriers which can participate in a joint through rail route to fail to provide and maintain their portions of such route. Sets forth remedies in the event two or more rail carriers cannot agree on a division of revenue under joint rates established for such routes.

Requires that the essential terms of contracts for the transportation of grain, soybeans, and sunflower seeds be made available to the general public in tariff format.

Sets forth standards and principles to be applied by the Commission when determining unreasonable preference or prejudice.

Requires applicants for abandonment or discontinuance of a railroad line to demonstrate that such line, during the preceding two-year period, produced a lower rate of return on net investment than that produced by all other rail operations of the applicant. Changes from discretionary to mandatory the requirement for rail carriers to make their transportation facilities available to other rail carriers when such availability is in the public interest.