An Act to authorize appropriations to carry out certain Federal railroad safety laws, and for other purposes.

[AI summary unavailable — showing source text] Federal Railroad Safety Authorization Act of 1994 - Amends the Federal Railroad Safety Act of 1970 to authorize appropriations for FY 1995 through 1998 for railroad research and development and general safety operations. Amends the Hours of Service Act to authorize railroads, and labor organizations representing railroad employees, to jointly petition the Secretary of Transportation (Secretary) for approval of a waiver of limitations on hours of service with respect to such employees in order to establish one or more pilot projects to demonstrate the possible benefits of implementing alternatives to such limitations, including those concerning maximum on-duty and minimum off-duty periods. Authorizes the Secretary to waive compliance with such limitations for up to two years if it is in the public interest and is consistent with railroad safety. Requires the Secretary to report biennially (currently, annually) to the President and the Congress on the administration of Federal railroad safety rules and standards.…