Requires certain conditions to apply to the dispute of October 6, 2011, between the freight rail carriers, common rail carriers, and certain of their railroad employees (represented by labor organizations) that have not agreed to extend the dispute's cooling-off period beyond 12:01 a.m. on December 6, 2011.
Requires the parties to such dispute to take all necessary steps to restore or preserve the dispute conditions as they existed before 12:01 a.m. on December 6, 2011.
Makes the November 5, 2011, report and recommendations of the Emergency Board 243, however, binding on the parties upon enactment of this joint resolution and with the same effect as though arrived at by agreement of the parties under the Railway Labor Act; except that nothing in this joint resolution shall prevent a mutual written agreement to terms and conditions different from those established by this joint resolution.
Declares, moreover, that if there are unresolved implementing issues remaining with respect to the report and recommendations or agreement 10 days after enactment of this resolution, the parties shall enter into binding arbitration with the National Mediation Board to resolve such issues.