A bill to amend the Regional Rail Reorganization Act of 1973.

[AI summary unavailable — showing source text] Revises the Regional Rail Reorganization Act to authorize the U.S. Railway Association to acquire, hold, and vote the proposed ConRail securities to be issued to it. Reduces the Association's authority to issue Government-guaranteed obligations from $1,500,000,000 to $500,000,000. Provides the mechanism for purchase of ConRail securities by the Association. Authorizes acquisition of up to $1,000,000,000 principal amount of debentures and up to $1,500,000,000 of series A preferred stock. Provides that the debentures and preferred stock may be purchased by the Association as needed by ConRail for modernization and rehabilitation of its properties, for the acquisition of equipment and other capital needs, for refinancing obligations, and for working capital. Requires that if the Association decides to terminate ConRail funding, it must obtain the Interstate Commerce Commission's approval, which shall be deemed to have been given if it has not acted within 90 days. Authorizes appropriation to the Association of the $2,500,000,000 for purchase of ConRail debentures and series A preferred stock, and directs that any sums received by the Association on account of the holding or dispositio…