Directs the Secretary of Transportation to solicit proposals for projects for the financing, design, construction, and operation of an initial high-speed rail system between Washington, DC, and New York City, New York (Northeast Corridor).
Requires the Secretary to: (1) determine whether a proposal is feasible; and (2) establish a commission for each corridor for which one or more feasible proposals are submitted.
Directs the Secretary to report to Congress on the results of an economic development study of Amtrak's Northeast Corridor service.