Federal-Aid Railroad Act

[AI summary unavailable — showing source text] Federal-Aid Railroad Act - Title I: Findings, Purposes, and Definitions - Declares the findings of the Congress with regard to essential rail lines in the Northeast section of the United States. Title II: Interim and Emergency Measures - Provides that within ninety days after enactment of this Act, the trustees or trustee of any railroad in reorganization, the majority of whose lines are located in the Northeast region, all owners of rail lines leased to such railroad, whether ratified or affirmed or not, and all wholly owned subsidiaries and affiliates of such railroad, upon authorization therefor from the reorganization court, may tender all lines and other transportation properties, assets, and interests of such companies to the United States for lease by the United States for a term not to exceed three years. Provides that the trustees or companies making such tender shall at the same time agree to the operation of such properties, assets, and interests so tendered and to all other terms and conditions of this title. Provides that as consideration for leasing the lines and other transportation properties, assets, and interests tendered for lease under this section, and for thei…