Passenger Rail Investment Reform Act

Bill: 108-s-1501
Sponsor: Sen. McCain, John [R-AZ]
Introduced: 2003-07-30 in the Senate
Policy area: Transportation and Public Works
Subjects: Accounting
Administrative procedure
Advice and consent of the Senate
Air pollution control
Bonds
Bridges
Capital investments
Chief executive officers
Commerce
Competitive bidding
Congress
Congressional oversight
Congressional reporting requirements
Connecticut
Construction costs
Corporate debt
Corporate reorganizations
Corporation directors
Corporations
Delaware
Department of Transportation
District of Columbia
Dividends
Economics and Public Finance
Eminent domain
Employee rights
Environmental Protection
Environmental assessment
Executive reorganization
Federal aid to transportation
Federal employees
Federal officials
Federal-city relations
Federal-state relations
Finance and Financial Sector
Financial statements
Government Operations and Politics
Government corporations
Government paperwork
Illinois
Infrastructure
Infrastructure (Economics)
Intermodal transportation
Interstate compacts
Labor and Employment
Land transfers
Law
Leases
Liability insurance
Liens
Loans
Losses
Maintenance and repair
Maryland
Massachusetts
Metropolitan areas
Mortgages
National Railroad Passenger Corporation (Amtrak)
New Jersey
New York State
Northeastern States
Pennsylvania
Planning-programming-budgeting
Presidential appointments
Public Lands and Natural Resources
Public-private partnerships
Railroad commuting traffic
Railroad employees
Railroad engineering
Railroad equipment
Railroad finance
Railroad freight operations
Railroad management
Railroad passenger traffic
Railroad safety
Railroad terminals
Railroads
Rhode Island
Right-of-way
Security measures
Severance pay
Stock repurchasing
Stocks
Traffic congestion
Traffic signs and signals
Transfer of employees
Transportation planning
Tunnels
Urban affairs
Valuation

Summary:
action_date: 2003-07-30
text: 
Passenger Rail Investment Reform Act - Amends Federal transportation law to require the restructuring of Amtrak into successor corporations named the Passenger Rail Service Provider (Provider) and the Passenger Rail Infrastructure Manager (Manager). Reorganizes the Board of Directors into a transition board, which shall prepare the restructuring plan.
 
Grants the Provider the exclusive right for three years to continue to provide intercity passenger rail service currently provided by Amtrak; but after three years only under a contract.
 
Grants the Manager the exclusive right for six years to continue to provide the dispatching, maintenance, and infrastructure services currently provided by Amtrak; but after six years only under a contract.
 
Authorizes the States and the District of Columbia that constitute the Northeast Corridor (NEC) to enter into a multistate Northeast Corridor Compact, subject to congressional approval, to provide passenger rail service and conduct related activities in the NEC. Establishes a Northeast Corridor Compact Commission to prepare such compact, which shall provide for full authority for 99 years to succeed to the responsibilities of Amtrak as NEC operator, subject to a 99-year lease from the Department of Transportation.
 
Prescribes general requirements of the compact to protect employee interests. Authorizes the Secretary of Transportation to develop a program for employee transition assistance.
 
Authorizes the Secretary, after the first fiscal year following enactment of this Act, to make grants for operating assistance, according to a specified formula, to reimburse operators of long-distance routes and corridor feeder routes for their intercity passenger rail operating expenses.
 
Specifies conditions and limitations on the availability of grants to Amtrak, including preparation of a capital spending plan, before its successor corporations are established and commence operations.
 
Prescribes procedures for redemption and disposition of Amtrak stock and the transfer of assets to the successor corporations and/or the Compact, as well as real estate, facilities, and secured debt.
 
Authorizes the Secretary to make grants to an applicant State, interstate compact, or public agency to assist in financing the capital costs of facilities and equipment necessary to provide intercity passenger rail transportation.
 
Authorizes interested States to enter into interstate compacts for corridor development.


Legislative actions:
action_date: 2003-10-02
text: Committee on Commerce, Science, and Transportation. Hearings held. Hearings printed: S.Hrg. 108-994.
action_date: 2003-07-30
text: Read twice and referred to the Committee on Commerce, Science, and Transportation. (text of measure as introduced: CR S10278-10285)
action_date: 2003-07-30
text: Sponsor introductory remarks on measure. (CR S10278)
action_date: 2003-07-30
text: Introduced in Senate