HR 749 RFS 
‘‘(3) INDEPENDENT FINANCIAL ANALYST.—The 
Secretary shall assign an independent financial ana-
lyst within 45 days of submittal of a complete appli-
cation.’’. 
(e) POSITIVE TRAIN CONTROL.—Section 502(c)(1) of 
such Act (45 U.S.C. 822(c)(1)) is amended by inserting 
‘‘, including projects for the installation of a positive train 
control (as defined in section 20157(i) of title 49, United 
States Code) system’’ after ‘‘public safety’’. 
(f) REPORT TO CONGRESS.—Section 502 of such Act 
(45 U.S.C. 822) is further amended by adding at the end 
the following new subsection: 
‘‘(k) REPORT TO CONGRESS.—Not later than 1 year 
after the date of enactment of the Passenger Rail Reform 
and Investment Act of 2015, and annually thereafter, the 
Secretary shall transmit to Congress a report on the pro-
gram under this section that provides information on loans 
approved and disapproved by the Secretary during the pre-
vious year. Such report shall not disclose the identity of 
direct loan or loan guarantee recipients. The report shall 
describe— 
‘‘(1) the number of pre-application meetings 
with potential applicants; 
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‘‘(2) the number of applications received and 
determined complete under subsection (i)(2), includ-
ing the requested loan amounts; 
‘‘(3) the dates of receipt of applications; 
‘‘(4) the dates applications were determined 
complete under subsection (i)(2); 
‘‘(5) the number of applications determined in-
complete under subsection (i)(2); 
‘‘(6) the final decision dates for both approvals 
and disapprovals of applications; 
‘‘(7) the number of applications withdrawn 
from consideration; and 
‘‘(8) the annual loan portfolio asset quality.’’. 
SEC. 303. NEC FAST FORWARD. 
(a) NORTHEAST CORRIDOR AUTHORITY.—Section 
502(d) of the Railroad Revitalization and Regulatory Re-
form Act of 1976 (45 U.S.C. 822(d)) is amended by in-
serting ‘‘40 percent shall be available solely for projects 
described in subsection (l)(1), and’’ after ‘‘Of this 
amount,’’. 
(b) NORTHEAST CORRIDOR FAST FORWARD PRO-
GRAM.—Section 502 of such Act is further amended by 
adding at the end the following new subsection: 
‘‘(l) NORTHEAST CORRIDOR FAST FORWARD.— 
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‘‘(1) PURPOSE.—The Secretary, as part of the 
Railroad Rehabilitation and Improvement Financing 
program, shall provide direct loans and loan guaran-
tees to eligible entities described in subsection (a) 
for capital projects to improve the Northeast Cor-
ridor (as used in section 24911 of title 49, United 
States Code). 
‘‘(2) COLLATERAL.—Loans made or guaranteed 
under this subsection shall require collateral equal to 
the loan amount requested. 
‘‘(3) INVESTMENT
GRADE
RATING.—A direct 
loan or loan guarantee shall be made under this sub-
section only if a rating agency has assigned an in-
vestment grade rating of BBB minus, Baa3, bbb 
minus, BBB (low), (or equivalent) or higher to the 
project obligation. For purposes of this paragraph, 
the term ‘rating agency’ means a credit rating agen-
cy registered with the Securities and Exchange Com-
mission as a nationally recognized statistical rating 
organization (as that term is defined in section 3(a) 
of the Securities Exchange Act of 1934 (15 U.S.C. 
78c(a))). 
‘‘(4) INCLUSION
IN
NEC
PLANNING.—Loans 
and loan guarantees made under this subsection 
shall be for projects that are included in the most 
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recent 5-year budget and business plan prepared 
pursuant to section 24911(a) of title 49, United 
States Code. 
‘‘(5) REFINANCING.—Loans made or guaran-
teed under this subsection shall not be used for the 
refinancing of outstanding debt incurred. 
‘‘(6) COHORT
OF
LOANS.—Subsection (f)(4) 
shall not apply to loans made or guaranteed under 
this subsection.’’. 
(c) REPORT ON LEVERAGING RRIF.—Not later than 
180 days after the date of enactment of this Act, the 
Comptroller General shall transmit to the Committee on 
Transportation and Infrastructure of the House of Rep-
resentatives and the Committee on Commerce, Science, 
and Transportation of the Senate a report identifying po-
tential revenue sources, projects, and service improve-
ments that could be achieved by the amendments made 
by subsections (a) and (b). 
(d) CONDITIONS OF FUNDING.— 
(1) GRANTS.—Section 24405 of title 49, United 
States Code, is amended— 
(A) by striking ‘‘15 days’’ and inserting 
‘‘30 days’’ in subsection (a)(4)(B); and 
(B) in subsection (a), by adding at the end 
the following: 
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‘‘(12) Not later than 1 year after the date of enact-
ment of the Passenger Rail Reform and Investment Act 
of 2015, and annually thereafter, the Secretary shall 
transmit to the Committee on Commerce, Science, and 
Transportation of the Senate and the Committee on 
Transportation and Infrastructure of the House of Rep-
resentatives a report listing any waiver issued under this 
section during the preceding year.’’. 
(2) RRIF.—Section 502(h)(3) of the Railroad 
Revitalization and Regulatory Reform Act of 1976 
(45 U.S.C. 822(h)(3)) is amended— 
(A) by striking ‘‘and’’ at the end of sub-
paragraph (A); 
(B) by striking the period at the end of 
subparagraph (B) and inserting ‘‘; and’’; and 
(C) by adding at the end the following: 
‘‘(C) the requirements of section 24405(a) of 
title 49, United States Code.’’. 
SEC. 304. LARGE CAPITAL PROJECT REQUIREMENTS. 
Section 24402 of title 49, United States Code, is 
amended by adding at the end the following subsection: 
‘‘(m) LARGE CAPITAL PROJECT REQUIREMENTS.— 
‘‘(1) IN GENERAL.—For a grant awarded under 
this 
chapter 
for 
an 
amount 
in 
excess 
of 
$1,000,000,000, the following conditions shall apply: 
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