Omnibus Rail Act

[AI summary unavailable — showing source text] Omnibus Rail Act - Title I: Alternative Rail Reorganization Plan - Directs the United States Railway Association to formulate and transmit to Congress an alternate plan to that required in the Regional Rail Reorganization Act of 1973 for the preservation of essential rail service in the northeast and midwest regions of the United States. Authorizes to be appropriated such sums as are necessary to formulate such plan. Title II: Modern Rail Transportation Act - Permits any railroad to abandon, discontinue, or change rail service, notwithstanding the laws of any State or order of any State agency or court, 90 days after notifying the Secretary of Transportation of such plans. Authorizes the Secretary to prohibit such proposed abandonment, discontinuation, or change if he finds that such action is necessary to the national or regional economy, or to the national defense. Requires the Secretary to reimburse railroads for losses incurred as a result of continued operation. Authorizes to be appropriated such sums as are necessary to make such reimbursement. Permits any railroad to establish and revise rates, fare and charges for the transportation of property so long as such rates, fares,…