Federal Railroad Transportation Authority Act

[AI summary unavailable — showing source text] Federal Railroad Transportation Authority Act - Title I: Findings, Purpose and Definitions - Delcares the finding of Congress that the preservation of adequate railroad transportation can be met only by emergency measures which will assure the continuation of service in the northeastern region and the Nation. States that a permanent solution to the threat of liquidation can only be met by direct governmental assumption of the duties, responsibilities, and properties of railroads. Title II: Creation of Federal Railroad Transportation Authority - Creates, as an agency of the United States government, the Federal Railroad Transportation Authority. States it to be the purpose of such authority to provide an effective, efficient, and modern integrated transportation service. Establishes a Board of Directors to govern the authority. Sets forth the composition of such Board and their compensation. Empowers the authority to: (1) sue and be sued; (2) own, manage, and operate the facilities of eligible railroads and subsidiaries; (3) conduct research and development; (4) acquire facilities and equipment; (5) engage in business functions and activities consistent with this Act. Requires the A…