Repeals certain Amtrak self-sufficiency requirements terminating Federal operating grant funds (Government subsidies) to Amtrak.
Authorizes emergency appropriations for specified Amtrak activities.
Amends the Railroad Revitalization and Regulatory Reform Act of 1976 to change from discretionary to mandatory the authority of the Secretary to provide direct loans and loan guarantees for railroad rehabilitation and improvement projects to State and local governments, certain interstate compacts, government sponsored authorities, and corporations, railroads, and joint ventures that include at least one railroad. Includes the acquisition, improvement, or rehabilitation of rail safety and security equipment and facilities as an eligible project for such financing. Increases the aggregate amount: (1) of direct loans and loan guarantees made at any one time for such projects; and (2) for projects primarily benefitting non-class I freight railroad carriers.
Sets forth additional requirements with respect to cohorts of such direct loans and loan guarantees (involving commitment from non-Federal sources), and applications for them.
Establishes a program of capital grants to class II and III railroads to rehabilitate, preserve, or improve railroad track used primarily for freight transportation to a standard to ensure that it can be operated safely and efficiently and accommodate 286,000 pound rail cars. Sets forth certain grant and project requirements.
Authorizes appropriations through FY 2009 for certain designated High-Speed Rail Corridor projects.