Modern Railway Transportation Act

[AI summary unavailable — showing source text] Modern Railway Transportation Act - A bill to amend part I of the Interstate Commerce Act in order to revise the procedures for the abandonment of railroad lines, and for the establishment or revision of rates fares and charges for the transportation of property by common carriers by railroad. Gives railway management the unilateral right to abandon unproductive branch lines. Provides that if abandonment is desired the railway must give 90 days' notice to the public and the Secretary of Transportation. Directs that upon receipt of such notice the Secretary of Transportation may stay the abandonment of that facility, with or without a hearing, if he determines that the continued operation of that line is essential to the national economy, the regional economy, or the national defense. Provides that in the event that he stays the abandonment, the Department of Transportation shall reimburse the carrier for all out-of-pocket losses incurred in the operation of such line during the period of the stay. Provides that no employee's employment shall be terminated as a result of the abandonment except by attrition. Divests the Interstate Commerce Commission of all ratemaking authority. Allo…