Conrail Privatization Act of 1986

Conrail Privatization Act of 1986 - Title I: Conrail - Subtitle A: Sale of Conrail - Requires the Secretary of Transportation to retain the services of investment bankers, within 30 days after the date of enactment of this Act, to manage the public offering of such common stock of the Consolidated Rail Corporation (Conrail) as the Secretary deems appropriate. Sets forth procedures for such public offering.

Subtitle B: Other Matters Relating to the Sale - Prescribes other matters relating to the sale, including rail service guarantees, ownership limitations, provisions for employees, and essential rail service loan guarantees.

Subtitle C: Miscellaneous Technical and Conforming Amendments and Repeals - Abolishes the U.S. Railway Association. Sets forth the applicability of the Regional Railroad Reorganization Act of 1973 to Conrail after the sale. Makes other conforming amendments to the Northeast Rail Service Act of 1981, the Railroad Revitalization and Regulatory Reform Act of 1976, and the Rail Safety and Service Improvement Act of 1982. Makes other amendments relating to the liability of directors, the effect of this Act on contractors, and employee issues.