Joint resolution to provide for the continued operation of the transportation properties owned or operated by Penn Central Transportation Co., to protect the security interest of the United States in such properties and to provide for the payment of just and reasonable compensation therefor.

[AI summary unavailable — showing source text] Establishes a Commission on Railroad Transportation in the Northeast to keep itself closely informed on all developments in the Matter of Penn Central Transportation Company, Debtor, Numbered 70-347, United States District Court for the Eastern District of Pennsylvania. Provides that whenever the Commission finds that there is no reasonable prospect of achieving a traditional income-based reorganization of the Company without the abandonment of subsidization of lines of road reasonably needed for useful transportation or the reduction of its work force to a degree not consistent with efficient, nonburdensome and safe operations, or the subsidization of intercity or commuter passenger operations to a degree more favorable than those generally prevailing, then the Commission shall so determine and declare. Establishes a Federal corporation to be known as the Northeast Transportation Authority. Provides that in the event the Commission makes the above determination and declaration, then all property, real or personal, owned or operated under the direction of the trustees of the Company and which is used or useful in the conduct of transportation shall become the property of the United…