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, 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, commuter rail passenger transportation, and the public interest.
Prohibits the Board from approving mergers if their adverse impacts on safety and on affected communities outweigh their transportation benefits. Authorizes the Board to impose conditions to mitigate the effect of mergers on local communities.