Northeast Railroad Restructuring Act

[AI summary unavailable — showing source text] Northeast Railroad Restructuring Act - Title I: Short Title and So Forth - Sets forth the congressional findings and declaration of purpose. Title II: Creation of the Northeast Railroad Corporation - Authorizes the creation of a Northeast Railroad Corporation which would be established under the laws of a State, and not be an agency or establishment of the United States Government. Directs the President to appoint three incorporators by and with the advice and consent of the Senate, one of whom the President shall designate to serve as chairman. Directs the President to appoint a board of advisors consisting of 17 persons. Provides that the board of advisors would formulate and submit from time to time to the incorporators recommendations respecting the preparation of the service plan under this Act and the conduct of other functions of the incorporators. Provides that the board would cease to exist on the date the incorporators are succeeded by a board of directors elected under this Act. Authorizes not to exceed $40,000,000 to be appropriated to the Secretary for payment to the Corporation for the purpose of meeting the necessary expenses of the board of incorporators and the boa…