Railway Inspection and Transparency Act - Directs the Federal Railroad Administration (FRA) to require each railroad carrier to arrange for an independent inspection by a professional engineer of: (1) all railroad bridges at least biennially, and (2) all railroad signals and switches at least semiannually.
Requires: (1) each railroad carrier to provide inspection results to the FRA, and (2) the FRA to make those results available to the public.