A bill to provide for the preservation, improvement, and reorganization of rail service in the Northeast; to establish the Northeast Transportation Commission, the Federal National Railway Association, and the Northeast Rail Corp.; and for other purposes.

[AI summary unavailable — showing source text] Title I: Financial Assistance to Surface Transportation Companies - Revenue Financing Division and Railroad Equipment Obligation Insurance Fund Act - Creates, under the Interstate Commerce Act, a new division within the Department of Transportation to be known as the Revenue Financing Division. Authorizes the Secretary of Transportation in the operation of such Division to aid in financing the transportation industry and commerce and to help in maintaining its economic stability. Directs the Secretary to designate an Assistant Secretary of Transportation to assist the Secretary in the execution of his functions under this Act. Establishes a Loan Policy Board of the Revenue Financing Division. Provides for the membership of such Board. Provides that the Board shall establish the general policies governing the granting or denying of applications for financial assistance under this Act. Provides that the aggregate amount of loan guarantees to any common carrier shall not exceed 15 percent of the guarantees provided for such purpose under this Act. Provides that the total amount of loan guarantees made after the date of enactment of this Act which the Secretary may have outstanding at …