Taking Responsible Action for Community Safety Act - Revises requirements with respect to the consolidation, merger, or acquisition of control (transaction) involving rail carriers to require public hearings in the affected communities if public hearings on a proposed transaction are held.
Requires the Surface Transportation Board, in a proceeding with respect to a transaction that involves at least one Class I railroad (under current law, involving the merger or control of at least two Class I railroads), to consider the effect on the public interest, including the safety and environmental effect of the proposed merger on local communities, intercity rail passenger transportation, and commuter rail passenger transportation.
Prohibits the Board from approving mergers if their impacts on safety and on all affected communities outweigh their transportation benefits. Authorizes the Board to impose conditions to mitigate the effect of mergers on local communities.
Declares that the amendments made by this Act are to be applied to all transactions that have not been approved by the Board as of August 1, 2008.