[Congressional Record Volume 166, Number 96 (Thursday, May 21, 2020)]
[Senate]
[Pages S2591-S2597]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

      By Mr. THUNE (for himself and Ms. Hassan):
  S. 3794. A bill to expedite transportation project delivery, 
facilitate infrastructure improvement, and for other purposes; to the 
Committee on Commerce, Science, and Transportation.
  Mr. THUNE. Mr. President, I ask unanimous consent that the text of 
the bill be printed in the Record.
  There being no objection, the text of the bill was ordered to be 
printed in the Record, as follows:

                                S. 3794

       Be it enacted by the Senate and House of Representatives of 
     the United States of America in Congress assembled,

     SECTION 1. SHORT TITLE; TABLE OF CONTENTS.

       (a) Short Title.--This Act may be cited as the ``Railroad 
     Rehabilitation and Financing Innovation Act''.
       (b) Table of Contents.--The table of contents for this Act 
     is as follows:

Sec. 1. Short title; table of contents.
Sec. 2. Railroad Rehabilitation and Improvement Financing Program.
Sec. 3. Conforming amendments.
Sec. 4. Transitional and savings provisions.
Sec. 5. Repeals.

     SEC. 2. RAILROAD REHABILITATION AND IMPROVEMENT FINANCING 
                   PROGRAM.

       (a) Amendment to Title 49, United States Code.--Part B of 
     subtitle V of title 49, United States Code, is amended by 
     inserting after chapter 223 the following:

   ``CHAPTER 224--RAILROAD REHABILITATION AND IMPROVEMENT FINANCING 
                                PROGRAM

``22401. Definitions.
``22402. Direct loans and loan guarantees.
``22403. Administration of direct loans and loan guarantees.
``22404. Employee protection.
``22405. Substantive criteria and standards.
``22406. Funding.

     ``Sec. 22401. Definitions

       ``In this chapter:
       ``(1) Cost.--
       ``(A) In general.--The term `cost' means the estimated 
     long-term cost to the Government of a direct loan or loan 
     guarantee, or modification of the direct loan or loan 
     guarantee, calculated on a net present value basis, excluding 
     administrative costs and any incidental effects on 
     governmental receipts or outlays.
       ``(B) Cost of direct loans.--
       ``(i) In general.--The cost of a direct loan shall be the 
     net present value, at the time when the direct loan is 
     disbursed, of the following estimated cash flows:

       ``(I) Loan disbursements.
       ``(II) Repayments of principal.
       ``(III) Payments of interest and other payments by or to 
     the Government over the life of the loan.

       ``(ii) Calculation.--Calculation of the cost of a direct 
     loan shall include the effects of changes in loan terms 
     resulting from the exercise by the borrower of an option 
     included in the loan contract.
       ``(C) Cost of loan guarantee.--
       ``(i) In general.--The cost of a loan guarantee shall be 
     the net present value, at the time when the guaranteed loan 
     is disbursed, of the following estimated cash flows:

       ``(I) Payments by the Government to cover defaults and 
     delinquencies, interest subsidies, or other payments.
       ``(II) Payments to the Government, including origination 
     and other fees, penalties, and recoveries.

       ``(ii) Calculation.--Calculation of the cost of a loan 
     guarantee shall include the effects of changes in loan terms 
     resulting from the exercise by the guaranteed lender of an 
     option included in the loan guarantee, or by the borrower of 
     an option included in the guaranteed loan contract.
       ``(D) Cost of modification.--The cost of a modification is 
     the difference between the current estimate of the net 
     present value of the remaining cash flows under the terms of 
     a direct loan or loan guarantee contract, and the current 
     estimate of the net present value

[[Page S2592]]

     of the remaining cash flows under the terms of the contract, 
     as modified.
       ``(E) Estimation of net present values; discount rate.--In 
     estimating net present values, the discount rate shall be the 
     average interest rate on marketable Treasury securities of 
     similar maturity to the cash flows of the direct loan or loan 
     guarantee for which the estimate is being made.
       ``(F) Estimated cost; basis.--When funds are obligated for 
     a direct loan or loan guarantee, the estimated cost shall be 
     based on the current assumptions, adjusted to incorporate the 
     terms of the loan contract, for the fiscal year in which the 
     funds are obligated.
       ``(2) Current.--The term `current' has the same meaning 
     given the term in section 250(c)(9) of the Balanced Budget 
     and Emergency Deficit Control Act of 1985 (2 U.S.C. 
     900(c)(9)).
       ``(3) Direct loan.--
       ``(A) In general.--The term `direct loan' means a 
     disbursement of funds by the Government to a non-Federal 
     borrower under a contract that requires the repayment of the 
     funds.
       ``(B) Inclusions.--The term `direct loan' includes the 
     purchase of, or participation in, a loan made by another 
     lender and financing arrangements that defer payment for more 
     than 90 days, including the sale of a Government asset on 
     credit terms.
       ``(C) Exclusion.--The term `direct loan' does not include 
     the acquisition of a federally guaranteed loan in 
     satisfaction of default claims.
       ``(4) Direct loan obligation.--The term `direct loan 
     obligation' means a binding agreement by the Secretary to 
     make a direct loan when specified conditions are fulfilled by 
     the borrower.
       ``(5) Intermodal.--The term `intermodal' means of or 
     relating to the connection between rail service and other 
     modes of transportation, including all parts of facilities at 
     which the connection is made.
       ``(6) Investment-grade rating.--The term `investment-grade 
     rating' means a rating of BBB minus, Baa3, bbb minus, 
     BBB(low), or higher assigned by a rating agency.
       ``(7) Loan guarantee.--The term `loan guarantee' means any 
     guarantee, insurance, or other pledge with respect to the 
     payment of all or a part of the principal or interest on any 
     debt obligation of a non-Federal borrower to a non-Federal 
     lender, but does not include the insurance of deposits, 
     shares, or other withdrawable accounts in financial 
     institutions.
       ``(8) Loan guarantee commitment.--The term `loan guarantee 
     commitment' means a binding agreement by the Secretary to 
     make a loan guarantee when specified conditions are fulfilled 
     by the borrower, the lender, or any other party to the 
     guarantee agreement.
       ``(9) Master credit agreement.--The term `master credit 
     agreement' means an agreement to make 1 or more direct loans 
     or loan guarantees at future dates for a program of related 
     projects on terms acceptable to the Secretary.
       ``(10) Modification.--
       ``(A) In general.--The term `modification' means any 
     Government action that alters the estimated cost of an 
     outstanding direct loan (or direct loan obligation) or an 
     outstanding loan guarantee (or loan guarantee commitment) 
     from the current estimate of cash flows.
       ``(B) Inclusions.--The term `modification' includes--
       ``(i) the sale of loan assets, with or without recourse, 
     and the purchase of guaranteed loans; and
       ``(ii) any action resulting from new legislation, or from 
     the exercise of administrative discretion under existing law, 
     that directly or indirectly alters the estimated cost of 
     outstanding direct loans (or direct loan obligations) or loan 
     guarantee (or loan guarantee commitment), such as a change in 
     collection procedures.
       ``(11) Project obligation.--The term `project obligation' 
     means a note, bond, debenture, or other debt obligation 
     issued by a borrower in connection with the financing of a 
     project, other than a direct loan or loan guarantee under 
     this chapter.
       ``(12) Railroad.--The term `railroad' has the meaning given 
     the term `railroad carrier' in section 20102.
       ``(13) Rating agency.--The term `rating agency' means a 
     credit rating agency registered with the Securities and 
     Exchange Commission as a nationally recognized statistical 
     rating organization (as defined in section 3(a) of the 
     Securities Exchange Act of 1934 (15 U.S.C. 78c(a))).
       ``(14) Secretary.--The term `Secretary' means the Secretary 
     of Transportation.
       ``(15) Substantial completion.--The term `substantial 
     completion' means--
       ``(A) the opening of a project to passenger or freight 
     traffic; or
       ``(B) a comparable event, as determined by the Secretary 
     and specified in the terms of the direct loan or loan 
     guarantee.

     ``Sec. 22402. Direct loans and loan guarantees

       ``(a) General Authority.--The Secretary shall provide 
     direct loans and loan guarantees--
       ``(1) to State and local governments;
       ``(2) to interstate compacts consented to by Congress under 
     section 410(a) of the Amtrak Reform and Accountability Act of 
     1997 (Public Law 105-134; 49 U.S.C. 24101 note);
       ``(3) to government-sponsored authorities and corporations;
       ``(4) to railroads;
       ``(5) to joint ventures that include at least 1 of the 
     entities described in paragraph (1), (2), (3), (4), or (6);
       ``(6) to private entities with controlling ownership in 1 
     or more freight railraods other than Class 1 carriers; and
       ``(7) solely for the purpose of constructing a rail 
     connection between a plant or facility and a railroad, 
     limited option freight shippers that own or operate a plant 
     or other facility.
       ``(b) Eligible Purposes.--
       ``(1) In general.--Direct loans and loan guarantees 
     provided under this section shall be used to--
       ``(A)(i) acquire, improve, or rehabilitate intermodal or 
     rail equipment or facilities, including track, components of 
     track, civil works such as cuts and fills, bridges, yards, 
     buildings, and shops; and
       ``(ii) finance costs related to the activities described in 
     clause (i), including preconstruction costs;
       ``(B) develop or establish new intermodal or railroad 
     facilities;
       ``(C) refinance outstanding debt incurred for the purposes 
     described in subparagraph (A) or (B);
       ``(D) reimburse planning, permitting, and design expenses 
     relating to activities described in subparagraph (A) or (B); 
     or
       ``(E) finance economic development, including commercial 
     and residential development, and related infrastructure and 
     activities that--
       ``(i) incorporates private investment;
       ``(ii) is physically or functionally related to a passenger 
     rail station or multimodal station that includes rail 
     service;
       ``(iii) has a high probability of the applicant commencing 
     the contracting process for construction not later than 90 
     days after the date on which the direct loan or loan 
     guarantee is obligated for the project under this chapter; 
     and
       ``(iv) has a high probability of reducing the need for 
     financial assistance under any other Federal program for the 
     relevant passenger rail station or service by increasing 
     ridership, tenant lease payments, or other activities that 
     generate revenue exceeding costs.
       ``(2) Operating expenses not eligible.--Direct loans and 
     loan guarantees under this section shall not be used for 
     railroad operating expenses.
       ``(3) Sunset.--The Secretary may provide a direct loan or 
     loan guarantee under this section for a project described in 
     paragraph (1)(E) only during the 4-year period beginning on 
     December 4, 2015.
       ``(c) Priority Projects.--In granting applications for 
     direct loans or guaranteed loans under this section, the 
     Secretary shall give priority to projects that--
       ``(1) enhance public safety, including projects for the 
     installation of a positive train control system (as defined 
     in section 20157(i));
       ``(2) promote economic development;
       ``(3) enhance the environment;
       ``(4) enable United States companies to be more competitive 
     in international markets;
       ``(5) are endorsed by the plans prepared under chapter 227 
     of this title or section 135 of title 23 by the State or 
     States in which the projects are located;
       ``(6) improve railroad stations and passenger facilities 
     and increase transit-oriented development;
       ``(7) preserve or enhance rail or intermodal service to 
     small communities or rural areas;
       ``(8) enhance service and capacity in the national rail 
     system; or
       ``(9)(A) would materially alleviate rail capacity problems 
     that degrade the provision of service to shippers; and
       ``(B) would fulfill a need in the national transportation 
     system.
       ``(d) Extent of Authority.--
       ``(1) Limitation on aggregate unpaid principal amounts of 
     obligations.--The aggregate unpaid principal amounts of 
     obligations under direct loans and loan guarantees made under 
     this section may not exceed $35,000,000,000 at any time.
       ``(2) Minimum amount for freight railroads.--Of the amount 
     under paragraph (1), not less than $7,000,000,000 shall be 
     available solely for projects primarily benefitting freight 
     railroads other than Class I carriers.
       ``(3) Proportion of unused amount.--The Secretary shall not 
     establish any limit on the proportion of the unused amount 
     authorized under this subsection that may be used for 1 loan 
     or loan guarantee.
       ``(e) Rates of Interest.--
       ``(1) Direct loans.--The interest rate on a direct loan 
     under this section shall be not less than the yield on United 
     States Treasury securities of a similar maturity to the 
     maturity of the secured loan on the date of execution of the 
     loan agreement.
       ``(2) Loan guarantees.--The Secretary shall not make a loan 
     guarantee under this section if the interest rate for the 
     loan exceeds that which the Secretary determines to be 
     reasonable, taking into consideration the prevailing interest 
     rates and customary fees incurred under similar obligations 
     in the private capital market.
       ``(f) Infrastructure Partners.--
       ``(1) Authority of secretary.--
       ``(A) In general.--In lieu of or in combination with 
     appropriations of budget authority to cover the costs of 
     direct loans and loan guarantees as required under section 
     504(b)(1) of the Federal Credit Reform Act of 1990 (2 U.S.C. 
     661c(b)(1)), including the cost of a modification of a direct 
     loan or loan guarantee, the Secretary may accept on behalf of 
     an applicant for assistance under this section a commitment 
     from a non-Federal source, including a State or local 
     government or agency, or public benefit corporation or public 
     authority of a State or local

[[Page S2593]]

     government, to fund, in whole or in part, credit risk 
     premiums and modification costs with respect to the loan that 
     is the subject of the application or modification.
       ``(B) Limitation.--The aggregate of appropriations of 
     budget authority and credit risk premiums described in this 
     paragraph with respect to a direct loan or loan guarantee 
     shall not be less than the cost of that direct loan or loan 
     guarantee.
       ``(2) Credit risk premium amount.--The Secretary shall 
     determine the amount required for credit risk premiums under 
     this subsection on the basis of--
       ``(A) the circumstances of the applicant, including the 
     amount of collateral offered, if any;
       ``(B) the proposed schedule of loan disbursements;
       ``(C) historical data on the repayment history of similar 
     borrowers;
       ``(D) consultation with the Congressional Budget Office; 
     and
       ``(E) any other factors the Secretary considers relevant.
       ``(3) Creditworthiness.--Upon receipt of a proposal from an 
     applicant for assistance under this section, the Secretary 
     shall accept, as a basis for determining the amount of the 
     credit risk premium under paragraph (2), in addition to the 
     value of any collateral described in paragraph (5), any of 
     the following :
       ``(A) The net present value of a future stream of State or 
     local subsidy income or other dedicated revenues to secure 
     the direct loan or loan guarantee.
       ``(B) Adequate coverage requirements to ensure repayment, 
     on a nonrecourse basis, from cash flows generated by the 
     project or any other dedicated revenue source, including--
       ``(i) tolls;
       ``(ii) user fees, including operating or tenant charges, 
     facility rents, or other fees paid by transportation service 
     providers or operators for access to, or the use of, 
     infrastructure, including rail lines, bridges, tunnels, 
     yards, or stations; and
       ``(iii) payments owing to the obligor under a public-
     private partnership.
       ``(C) An investment-grade rating on the direct loan or loan 
     guarantee, as applicable, unless the total amount of the 
     direct loan or loan guarantee is greater than $150,000,000, 
     in which case the applicant shall have an investment-grade 
     rating from not fewer than 2 rating agencies regarding the 
     direct loan or loan guarantee.
       ``(D) A projection of freight or passenger demand for the 
     project based on regionally developed economic forecasts, 
     including projections of any modal diversion resulting from 
     the project.
       ``(4) Payment of premiums.--Credit risk premiums under this 
     subsection shall be paid to the Secretary before the 
     disbursement of loan amounts (and in the case of a 
     modification, before the modification is executed), to the 
     extent appropriations are not available to the Secretary to 
     meet the costs of direct loans and loan guarantees, including 
     costs of modifications of direct loans and loan guarantees.
       ``(5) Collateral.--
       ``(A) Types of collateral.--An applicant or infrastructure 
     partner may propose tangible and intangible assets as 
     collateral, exclusive of goodwill. The Secretary, after 
     evaluating each such asset--
       ``(i) shall accept a net liquidation value of collateral; 
     and
       ``(ii) shall consider and may accept--

       ``(I) the market value of collateral; or
       ``(II) in the case of a blanket pledge or assignment of an 
     entire operating asset or basket of assets as collateral, the 
     net liquidation value, the market value of assets, or, the 
     market value of the going concern, considering--

       ``(aa) inclusion in the pledge of all the assets necessary 
     for independent operational utility of the collateral, 
     including tangible assets such as real property, track and 
     structure, equipment and rolling stock, stations, systems and 
     maintenance facilities and intangible assets such as long-
     term shipping agreements, easements, leases and access rights 
     such as for trackage and haulage;
       ``(bb) interchange commitments; and
       ``(cc) the value of the asset as determined through the 
     cost or market approaches, or the market value of the going 
     concern, with the latter considering discounted cash flows 
     for a period not to exceed the term of the direct loan or 
     loan guarantee.
       ``(B) Appraisal standards.--In evaluating appraisals of 
     collateral under subparagraph (A), the Secretary shall 
     consider--
       ``(i) adherence to the substance and principles of the 
     Uniform Standards of Professional Appraisal Practice, as 
     developed by the Appraisal Standards Board of the Appraisal 
     Foundation;
       ``(ii) performance of the appraisal by licensed or 
     certified appraisers as may be required by the State of 
     jurisdiction for the type of asset being appraised; and
       ``(iii) the qualifications of the appraisers to value the 
     type of collateral offered.
       ``(g) Prerequisites for Assistance.--The Secretary shall 
     not make a direct loan or loan guarantee under this section 
     unless the Secretary has made a written finding that--
       ``(1) repayment of the obligation is required to be made 
     within a term of the lesser of--
       ``(A) 35 years after the date of substantial completion of 
     the project; or
       ``(B) with regard to rail equipment or facilities with 
     estimated useful lives that exceed the term described in 
     subparagraph (A)--
       ``(i) 50 years after the date of substantial completion of 
     the project; or
       ``(ii) the estimated useful life of the rail equipment or 
     facilities to be acquired, rehabilitated, improved, 
     developed, or established, subject to an adequate 
     determination of long-term risk;
       ``(2) the direct loan or loan guarantee is justified by the 
     present and probable future demand for rail services or 
     intermodal facilities;
       ``(3) the applicant has given reasonable assurances that 
     the facilities or equipment to be acquired, rehabilitated, 
     improved, developed, or established with the proceeds of the 
     obligation will be economically and efficiently utilized;
       ``(4) the obligation can reasonably be repaid, using an 
     appropriate combination of credit risk premiums and 
     collateral offered by the applicant to protect the Federal 
     Government; and
       ``(5) the purposes of the direct loan or loan guarantee are 
     consistent with subsection (b).
       ``(h) Conditions of Assistance.--
       ``(1) In general.--The Secretary, before granting 
     assistance under this section, shall require the applicant to 
     agree to such terms and conditions as are sufficient, in the 
     judgment of the Secretary, to ensure that, as long as any 
     principal or interest is due and payable on the obligation, 
     the applicant, and any railroad or railroad partner for whose 
     benefit the assistance is intended--
       ``(A) will not use any funds or assets from railroad or 
     intermodal operations for purposes not related to the 
     operations, if the use--
       ``(i) would impair the ability of the applicant, railroad, 
     or railroad partner to provide rail or intermodal services in 
     an efficient and economic manner; or
       ``(ii) would adversely affect the ability of the applicant, 
     railroad, or railroad partner to perform any obligation 
     entered into by the applicant under this section;
       ``(B) will, consistent with its capital resources, maintain 
     its capital program, equipment, facilities, and operations on 
     a continuing basis; and
       ``(C) will not make any discretionary dividend payments 
     that unreasonably conflict with the purposes stated in 
     subsection (b).
       ``(2) Collateral and request for assistance from another 
     source not required.--
       ``(A) Collateral.--
       ``(i) In general.--The Secretary shall not require an 
     applicant for a direct loan or loan guarantee under this 
     section to provide collateral.
       ``(ii) Valuation.--Any collateral provided or enhanced 
     after being provided shall be valued as a going concern after 
     giving effect to the present value of improvements 
     contemplated by the completion and operation of the project, 
     if applicable.
       ``(B) Request for assistance from another source.--The 
     Secretary shall not require an applicant for a direct loan or 
     loan guarantee under this section to have previously sought 
     the financial assistance requested from another source.
       ``(3) Required compliance.--The Secretary shall require 
     recipients of direct loans or loan guarantees under this 
     section to comply with--
       ``(A) the standards of section 24312, as in effect on 
     September 1, 2002, with respect to the project in the same 
     manner that Amtrak is required to comply with the standards 
     for construction work financed under an agreement made under 
     section 24308(a); and
       ``(B) the protective arrangements established under section 
     22404, with respect to employees affected by actions taken in 
     connection with the project to be financed by the direct loan 
     or loan guarantee.
       ``(4) Matching funds.--The Secretary shall require each 
     recipient of a direct loan or loan guarantee under this 
     section, for a project described in subsection (b)(1)(E), to 
     provide a non-Federal match of not less than 25 percent of 
     the total amount expended by the recipient for the project.
       ``(i) Application Processing Procedures.--
       ``(1) Application status notices.--Not later than 30 days 
     after the date on which the Secretary receives an application 
     under this section, or additional information and material 
     under paragraph (2)(B), the Secretary shall provide the 
     applicant written notice as to whether the application is 
     complete or incomplete.
       ``(2) Incomplete applications.--If the Secretary determines 
     that an application is incomplete, the Secretary shall--
       ``(A) provide the applicant with a description of all of 
     the specific information or material that is needed to 
     complete the application, including any information required 
     by an independent financial analyst; and
       ``(B) allow the applicant to resubmit the application with 
     the information and material described under subparagraph (A) 
     to complete the application.
       ``(3) Application approvals and disapprovals.--
       ``(A) In general.--Not later than 45 days after the date on 
     which the Secretary notifies an applicant that an application 
     is complete under paragraph (1), the Secretary shall provide 
     the applicant written notice as to whether the Secretary has 
     approved or disapproved the application.
       ``(B) Actions by the office of management and budget.--In 
     order to enable compliance with the time limit under 
     subparagraph (A), the Office of Management and Budget shall 
     take any action required with

[[Page S2594]]

     respect to the application within that 60-day period.
       ``(4) Streamlined application review process.--
       ``(A) In general.--Consistent with section 116, and not 
     later than 180 days after date of the enactment of the 
     Railroad Rehabilitation and Financing Innovation Act, the 
     Secretary shall make available an expedited application 
     process or processes at the request of applicants seeking 
     loans or loan guarantees.
       ``(B) Criteria.--Applicants seeking loans and loan 
     guarantees issued under this subsection shall--
       ``(i) seek a total loan or loan guarantee value not 
     exceeding $100,000,000;
       ``(ii) meet eligible project purposes included in 
     subparagraphs (A)(i), (A)(ii), and (B) of subsection (b)(1); 
     and
       ``(iii) meet other criteria considered appropriate by the 
     Secretary, in consultation with the Department of 
     Transportation Council on Credit and Finance.
       ``(C) Expedited credit review.--The total time between the 
     submission of a draft application and the approval or 
     disapproval of a loan or loan guarantee for an applicant 
     under this paragraph shall not exceed 90 days. If an 
     application review conducted under this paragraph exceeds 90 
     days, the Secretary shall--
       ``(i) provide written notice to the applicant, including a 
     justification for the delay and updated estimate of the time 
     needed for approval or disapproval; and
       ``(ii) publish the notice on the dashboard described in 
     paragraph (5).
       ``(5) Dashboard.--The Secretary shall post, on the 
     Department of Transportation's internet website, a monthly 
     report that includes, for each application--
       ``(A) the applicant type;
       ``(B) the location of the project;
       ``(C) a brief description of the project, including its 
     purpose;
       ``(D) the requested direct loan or loan guarantee amount;
       ``(E) the date on which the Secretary provided application 
     status notice under paragraph (1);
       ``(F) the date that the Secretary provided notice of 
     approval or disapproval under paragraph (3); and
       ``(G) whether the project utilized the expedited 
     application process under paragraph (4).
       ``(6) Regular creditworthiness review status reports.--
       ``(A) In general.--The Secretary shall provide to the 
     applicant a regular report containing information related to 
     the application for a loan or loan guarantee, including--
       ``(i) a summary of the proposed transaction, including--

       ``(I) the total value of the proposed loan or loan 
     guarantee;
       ``(II) the name of the applicant or applicants submitting 
     an application;
       ``(III) the proposed capital structure of the project to 
     which the loan or loan guarantee would be applied, including 
     the proposed Federal and non-Federal shares of the total 
     project cost;
       ``(IV) the type of activity to receive credit assistance, 
     including whether the project--

       ``(aa) is new construction or rehabilitation of existing 
     rail equipment or facilities;
       ``(bb) is a refinancing an existing loan or loan guarantee; 
     and

       ``(V) if a deferred payment is proposed, the length of such 
     deferment;
       ``(VI) the credit rating or ratings provided for the 
     applicant;
       ``(VII) if other credit instruments are involved, the 
     proposed subordination relationship and a description of such 
     other credit instruments;
       ``(VIII) a schedule for the readiness of proposed 
     investments for financing;
       ``(IX) a description of any Federal permits required, 
     including under the National Environmental Policy Act of 1969 
     (42 U.S.C. 4321 et seq.) and any waivers under section 
     5323(j) of title 49, United States Code (commonly referred to 
     as the `Buy America Act'); and
       ``(X) other characteristics of the proposed activity to be 
     financed, borrower, key agreements, or the nature of the 
     credit that the Secretary considers to be fundamental to the 
     creditworthiness review;

       ``(ii) the status of the application in the pre-application 
     review and selection process;
       ``(iii) the cumulative amounts paid by the Secretary to 
     outside advisors related to the application, including 
     financial and legal advisors;
       ``(iv) a description of the key rating factors used by the 
     Secretary to determine credit risk, including--

       ``(I) the qualitative and quantitative factors used to 
     determine risk for the proposed application;
       ``(II) an adjectival risk rating for each identified 
     factor, ranked as either low, moderate, or high; and

       ``(v) a nonbinding estimate of the credit risk premium, 
     which may be in the form of--

       ``(I) a range, based on the assessment of risk factors 
     described in clause (iv); or
       ``(II) a justification for why the estimate of the credit 
     risk premium cannot be determined based on available 
     information; and

       ``(vi) a description of key information the Secretary needs 
     from the applicant to complete the credit review process and 
     make a final determination of the credit risk premium.
       ``(B) Report.--The Secretary shall submit the report 
     described in subparagraph (A) not less frequently than every 
     45 days after the date on which the Secretary presents the 
     first request to the applicant for funding to pay fees for 
     advisors described in subparagraph (A)(iii).
       ``(C) Exception.--The report required under this paragraph 
     shall not be applied to applications processed using the 
     expedited credit review process under paragraph (5)(B).
       ``(j) Repayment Schedules.--
       ``(1) In general.--The Secretary shall establish a 
     repayment schedule requiring payments to commence not later 
     than 5 years after the date of substantial completion.
       ``(2) Accrual.--Interest shall accrue as of the date of 
     disbursement, and shall be amortized over the remaining term 
     of the loan, beginning at the time the payments begin.
       ``(3) Deferred payments.--
       ``(A) In general.--If, at any time the date of substantial 
     completion, the obligor is unable to pay the scheduled loan 
     repayments of principal and interest on a direct loan 
     provided under this section, the Secretary, subject to 
     subparagraph (B), may allow, for a maximum aggregate time of 
     1 year over the duration of the direct loan, the obligor to 
     add unpaid principal and interest to the outstanding balance 
     of the direct loan.
       ``(B) Interest.--A payment deferred under subparagraph (A) 
     shall--
       ``(i) continue to accrue interest under paragraph (2) until 
     the loan is fully repaid; and
       ``(ii) be scheduled to be amortized over the remaining term 
     of the loan.
       ``(4) Prepayments.--
       ``(A) Use of excess revenues.--With respect to a direct 
     loan provided by the Secretary under this section, any excess 
     revenues that remain after satisfying scheduled debt service 
     requirements on the project obligations and direct loan and 
     all deposit requirements under the terms of any trust 
     agreement, bond resolution, or similar agreement securing 
     project obligations may be applied annually to prepay the 
     direct loan without penalty.
       ``(B) Use of proceeds of refinancing.--The direct loan may 
     be prepaid at any time without penalty from the proceeds of 
     refinancing from non-Federal funding sources.
       ``(k) Sale of Direct Loans.--
       ``(1) In general.--Subject to paragraph (2) and as soon as 
     practicable after substantial completion of a project, the 
     Secretary, after notifying the obligor, may sell to another 
     entity or reoffer into the capital markets a direct loan for 
     the project if the Secretary determines that the sale or 
     reoffering has a high probability of being made on favorable 
     terms.
       ``(2) Consent of obligor.--In making a sale or reoffering 
     under paragraph (1), the Secretary shall not change the 
     original terms and conditions of the secured loan without the 
     prior written consent of the obligor.
       ``(l) Nonsubordination.--
       ``(1) In general.--Except as provided in paragraph (2), a 
     direct loan provided by the Secretary under this section 
     shall not be subordinated to the claims of any holder of 
     project obligations in the event of bankruptcy, insolvency, 
     or liquidation of the obligor.
       ``(2) Preexisting indentures.--
       ``(A) In general.--The Secretary may waive the requirement 
     under paragraph (1) for a public agency borrower that is 
     financing ongoing capital programs and has outstanding senior 
     bonds under a preexisting indenture if--
       ``(i) the direct loan is rated in the A category or higher;
       ``(ii) the direct loan is secured and payable from pledged 
     revenues not affected by project performance, such as a tax-
     based revenue pledge or a system-backed pledge of project 
     revenues; and
       ``(iii) the program share, under this chapter, of eligible 
     project costs is 50 percent or less.
       ``(B) Limitation.--The Secretary may impose limitations for 
     the waiver of the nonsubordination requirement under this 
     paragraph if the Secretary determines that the limitations 
     would be in the financial interest of the Federal Government.
       ``(m) Master Credit Agreements.--
       ``(1) In general.--Subject to paragraph (2) and to 
     subsection (d), the Secretary may enter into a master credit 
     agreement that is contingent on all of the conditions for the 
     provision of a direct loan or loan guarantee, as applicable, 
     under this chapter and other applicable requirements being 
     satisfied prior to the issuance of the direct loan or loan 
     guarantee.
       ``(2) Conditions.--Each master credit agreement shall--
       ``(A) establish the maximum amount and general terms and 
     conditions of each applicable direct loan or loan guarantee;
       ``(B) identify 1 or more dedicated non-Federal revenue 
     sources that will secure the repayment of each applicable 
     direct loan or loan guarantee;
       ``(C) provide for the obligation of funds--
       ``(i) for the direct loans or loan guarantees contingent on 
     the meeting of all applicable requirements and after all 
     requirements have been met, for the projects subject to the 
     master credit agreement; and
       ``(D) provide 1 or more dates, as determined by the 
     Secretary, before which the master credit agreement results 
     in the disbursement issuance of each of the direct loans or 
     loan guarantees or in the release of the master credit 
     agreement.

     ``Sec. 22403. Administration of direct loans and loan 
       guarantees

       ``(a) Applications.--

[[Page S2595]]

       ``(1) In general.--The Secretary shall prescribe the form 
     and contents required of applications for assistance under 
     section 22402, to enable the Secretary to determine the 
     eligibility of the applicant's proposal, and shall establish 
     terms and conditions for direct loans and loan guarantees 
     made under that section, including a program guide, a 
     standard term sheet, and specific timetables.
       ``(2) Documentation.--An applicant meeting the size 
     standard for small business concerns established under 
     section 3(a)(2) of the Small Business Act (15 U.S.C. 
     632(a)(2)) may provide unaudited financial statements as 
     documentation of historical financial information if such 
     statements are accompanied by the applicant's Federal tax 
     returns and Internal Revenue Service tax verifications for 
     the corresponding years.
       ``(b) Full Faith and Credit.--All guarantees entered into 
     by the Secretary under section 22402 shall constitute general 
     obligations of the United States of America and shall be 
     backed by the full faith and credit of the United States of 
     America.
       ``(c) Assignment of Loan Guarantees.--The holder of a loan 
     guarantee made under section 22402 may assign the loan 
     guarantee in whole or in part, subject to such requirements 
     as the Secretary may prescribe.
       ``(d) Modifications.--The Secretary may approve the 
     modification of any term or condition of a direct loan, loan 
     guarantee, direct loan obligation, or loan guarantee 
     commitment, including the rate of interest, time of payment 
     of interest or principal, or security requirements, if the 
     Secretary finds in writing that--
       ``(1) the modification is equitable and is in the overall 
     best interests of the United States;
       ``(2) consent has been obtained from the applicant and in 
     the case of a loan guarantee or loan guarantee commitment, 
     the holder of the obligation; and
       ``(3) the modification cost has been covered under section 
     22402(f).
       ``(e) Compliance.--The Secretary shall ensure compliance by 
     an applicant, any other party to the loan, and any railroad 
     or railroad partner for whose benefit assistance is intended, 
     with the provisions of this chapter, regulations issued under 
     this chapter, and the terms and conditions of the direct loan 
     or loan guarantee, including through regular periodic 
     inspections.
       ``(f) Commercial Validity.--
       ``(1) In general.--For purposes of claims by any party 
     other than the Secretary, a loan guarantee or loan guarantee 
     commitment shall be conclusive evidence that the underlying 
     obligation is in compliance with the provisions of this 
     chapter, and that the obligation has been approved and is 
     legal as to principal, interest, and other terms.
       ``(2) Valid and incontestable.--A guarantee or commitment 
     under paragraph (1) shall be valid and incontestable in the 
     hands of a holder of the guarantee or commitment, including 
     the original lender or any other holder, as of the date when 
     the Secretary granted the application for the guarantee or 
     commitment, except as to fraud or material misrepresentation 
     by the holder.
       ``(g) Default.--
       ``(1) In general.--The Secretary shall prescribe 
     regulations setting forth procedures in the event of default 
     on a loan made or guaranteed under section 22402.
       ``(2) Loan guarantees.--The Secretary shall ensure that 
     each loan guarantee made under section 22402 contains terms 
     and conditions that provide that--
       ``(A) if a payment of principal or interest under the loan 
     is in default for more than 30 days, the Secretary shall pay 
     to the holder of the obligation, or the holder's agent, the 
     amount of unpaid guaranteed interest;
       ``(B) if the default has continued for more than 90 days, 
     the Secretary shall pay to the holder of the obligation, or 
     the holder's agent, 90 percent of the unpaid guaranteed 
     principal;
       ``(C) after final resolution of the default, through 
     liquidation or otherwise, the Secretary shall pay to the 
     holder of the obligation, or the holder's agent, any 
     remaining amounts guaranteed but that were not recovered 
     through the default's resolution;
       ``(D) the Secretary shall not be required to make any 
     payment under subparagraphs (A) through (C) if the Secretary 
     finds, before the expiration of the periods described in such 
     subparagraphs, that the default has been remedied; and
       ``(E) the holder of the obligation shall not receive 
     payment or be entitled to retain payment in a total amount 
     that, together with all other recoveries (including any 
     recovery based upon a security interest in equipment or 
     facilities) exceeds the actual loss of the holder.
       ``(h) Rights of the Secretary.--
       ``(1) Subrogation.--If the Secretary makes payment to a 
     holder, or a holder's agent, under subsection (g) in 
     connection with a loan guarantee made under section 22402, 
     the Secretary shall be subrogated to all of the rights of the 
     holder with respect to the obligor under the loan.
       ``(2) Disposition of property.--The Secretary may complete, 
     recondition, reconstruct, renovate, repair, maintain, 
     operate, charter, rent, sell, or otherwise dispose of any 
     property or other interests obtained pursuant to this 
     section. The Secretary shall not be subject to any Federal or 
     State regulatory requirements when carrying out this 
     paragraph.
       ``(i) Action Against Obligor.--
       ``(1) In general.--The Secretary may bring a civil action 
     in an appropriate Federal court in the name of the United 
     States in the event of a default on a direct loan made under 
     section 22402 or in the name of the United States or of the 
     holder of the obligation in the event of a default on a loan 
     guaranteed under section 22402.
       ``(2) Records and evidence.--The holder of a guarantee 
     shall make available to the Secretary all records and 
     evidence necessary to prosecute the civil action.
       ``(3) Property as satisfaction of sums owed.--The Secretary 
     may accept property in full or partial satisfaction of any 
     sums owed as a result of a default.
       ``(4) Excess amount.--
       ``(A) Payment to obligor.--If the Secretary receives, 
     through the sale or other disposition of the property 
     described in paragraph (3), an excess amount described in 
     subparagraph (B), the Secretary shall pay to the obligor the 
     excess amount.
       ``(B) Amount.--An excess amount under this subparagraph is 
     an amount the exceeds the aggregate of--
       ``(i) the amount paid to the holder of a guarantee under 
     subsection (g); and
       ``(ii) any other cost to the United States of remedying the 
     default.
       ``(j) Breach of Conditions.--The Attorney General shall 
     commence a civil action in an appropriate Federal court to 
     enjoin any activity that the Secretary finds is in violation 
     of this chapter, regulations issued under this chapter, or 
     any conditions that were agreed to, and to secure any other 
     appropriate relief.
       ``(k) Attachment.--No attachment or execution may be issued 
     against the Secretary, or any property in the control of the 
     Secretary, prior to the entry of final judgment to that 
     effect in any Federal, State, or other court.
       ``(l) Charges and Loan Servicing.--
       ``(1) Purposes.--The Secretary may collect from each 
     applicant, obligor, or loan party a reasonable charge for--
       ``(A) the cost of evaluating the application, amendments, 
     modifications, and waivers, including for evaluating project 
     viability, applicant creditworthiness, and the appraisal of 
     the value of the equipment or facilities for which the direct 
     loan or loan guarantee is sought, and for making necessary 
     determinations and findings;
       ``(B) to cost of award management and project management 
     oversight;
       ``(C) the cost of services from expert firms, including 
     counsel, and independent financial advisors to assist in the 
     underwriting, auditing, servicing, and exercise of rights 
     with respect to direct loans and loan guarantees; and
       ``(D) the cost of all other expenses incurred as a result 
     of a breach of any term or condition or any event of default 
     on a direct loan or loan guarantee.
       ``(2) Charge different amounts.--The Secretary may charge 
     different amounts under this subsection based on the 
     different costs incurred under paragraph (1).
       ``(3) Servicer.--
       ``(A) In general.--The Secretary may appoint a financial 
     entity to assist the Secretary in servicing a direct loan or 
     loan guarantee under this chapter.
       ``(B) Duties.--A servicer appointed under subparagraph (A) 
     shall act as the agent of the Secretary in servicing a direct 
     loan or loan guarantee under this chapter.
       ``(C) Fees.--A servicer appointed under subparagraph (A) 
     shall receive a servicing fee from the obligor or other loan 
     party, subject to approval by the Secretary.
       ``(4) National surface transportation and innovative 
     finance bureau account.--Amounts collected under this 
     subsection shall--
       ``(A) be credited directly to the National Surface 
     Transportation and Innovative Finance Bureau Account; and
       ``(B) remain available until expended to pay for the costs 
     described in this subsection.
       ``(m) Fees and Charges.--Except as provided in this 
     chapter, the Secretary may not assess fees, including user 
     fees, or charges in connection with a direct loan or loan 
     guarantee provided under section 22402.

     ``Sec. 22404. Employee protection

       ``(a) In General.--
       ``(1) Fair and equitable arrangements.--Fair and equitable 
     arrangements shall be provided, in accordance with this 
     section, to protect the interests of any employees who may be 
     affected by actions taken pursuant to authorizations or 
     approval obtained under this chapter.
       ``(2) Arrangements by agreements.--The arrangements under 
     paragraph (1) shall be determined by the execution of an 
     agreement between the representatives of the railroads and 
     the representatives of their employees not later than June 4, 
     1976.
       ``(3) Prescribed arrangements.--In the absence of an 
     executed agreement under paragraph (2), the Secretary of 
     Labor shall prescribe the applicable protective arrangements 
     not later than July 4, 1976.
       ``(b) Terms.--
       ``(1) Applicability to existing employees.--The 
     arrangements required under subsection (a) shall apply to 
     each employee who has an employment relationship with a 
     railroad on the date on which the railroad first applies for 
     financial assistance under this chapter.
       ``(2) Inclusions.--Such arrangements shall include such 
     provisions as may be necessary

[[Page S2596]]

     for the negotiation and execution of agreements as to the 
     manner in which the protective arrangements shall be applied, 
     including notice requirements.
       ``(3) Execution prior to implementation of work.--The 
     agreements shall be executed prior to implementation of work 
     funded from financial assistance under this chapter.
       ``(4) Arbitration.--
       ``(A) In general.--If an agreement described in subsection 
     (a)(2) is not reached within 30 days after the date on which 
     an application for the assistance is approved, either party 
     to the dispute may submit the issue for final and binding 
     arbitration.
       ``(B) Decision.--
       ``(i) When decision is to be rendered.--The decision on any 
     arbitration under this paragraph shall be rendered within 30 
     days after the submission.
       ``(ii) Effect.--The arbitration decision--

       ``(I) shall not modify the protection afforded in the 
     protective arrangements established pursuant to this section;
       ``(II) shall be final and binding on the parties to the 
     arbitration; and
       ``(III) shall become a part of the agreement.

       ``(5) Other inclusions.--The arrangements shall also 
     include such provisions as may be necessary--
       ``(A) for the preservation of compensation (including 
     subsequent general wage increases, vacation allowances, and 
     monthly compensation guarantees), right, privileges, and 
     benefits (including fringe benefits such as pensions, 
     hospitalization, and vacations, under the same conditions and 
     so long as the benefits continue to be accorded to other 
     employees of the employing railroad in active service or on 
     furlough, as the case may be) to the employees under existing 
     collective-bargaining agreements or otherwise;
       ``(B) to provide for final and binding arbitration of any 
     dispute that cannot be settled by the parties with respect to 
     the interpretation, application, or enforcement of the 
     provisions of the protective arrangements;
       ``(C) to provide that an employee who is unable to secure 
     employment by the exercise of the employee's seniority 
     rights, as a result of actions taken with financial 
     assistance obtained under this chapter, shall be offered 
     reassignment and, where necessary, retraining to fill a 
     position comparable to the position held at the time of the 
     adverse effect and for which the employee is, or by training 
     and retraining can become, physically and mentally qualified, 
     so long as the offer is not in contravention of collective 
     bargaining agreements relating to the provisions in this 
     paragraph; and
       ``(D) to provide that the protection afforded pursuant to 
     this section shall not be applicable to employees benefitted 
     solely as a result of the work that is financed by funds 
     provided pursuant to this chapter.
       ``(c) Subcontracting.--The arrangements that are required 
     to be negotiated by the parties or prescribed by the 
     Secretary of Labor, pursuant to subsections (a) and (b), 
     shall include provisions regulating subcontracting by the 
     railroads of work that is financed by funds provided pursuant 
     to this chapter.

     ``Sec. 22405. Substantive criteria and standards

       ``The Secretary shall publish in the Federal Register and 
     post on the Department of Transportation website the 
     substantive criteria and standards used by the Secretary to 
     determine whether to approve or disapprove applications 
     submitted under section 22404. The Secretary shall ensure 
     adequate procedures and guidelines are in place to permit the 
     filing of complete applications within 30 days of the 
     publication.

     ``Sec. 22406. Funding

       ``(a) Authorization of Appropriations.--
       ``(1) In general.--There are authorized to be appropriated 
     out of the General Fund for credit assistance under this 
     chapter--
       ``(A) $30,000,000 for fiscal year 2021;
       ``(B) $31,000,000 for fiscal year 2022;
       ``(C) $32,000,000 for fiscal year 2023;
       ``(D) $33,000,000 for fiscal year 2024; and
       ``(E) $34,000,000 for fiscal year 2025.
       ``(2) Availability.--Amounts appropriated pursuant to this 
     subsection shall remain available until expended.
       ``(b) Use of Funds.--
       ``(1) In general.--Except as provided in paragraph (2), 
     amounts appropriated pursuant to this section shall be used 
     for loans and loan guarantees with a total value of not more 
     than $200,000,000.
       ``(2) Administrative costs.--In each fiscal year, not less 
     than $3,000,000 of the amounts appropriated pursuant to 
     subsection (a) shall be made available for the Secretary for 
     use in lieu of charges collected under section 22403(l)(1) 
     for freight railroads other than Class I carriers and 
     passenger railroads.
       ``(3) Short line set-aside.--In each fiscal year, not less 
     than 50 percent of the amounts appropriated pursuant to 
     subsection (a) that remain available after the set aside 
     described in paragraph (2) shall be set aside for freight 
     railroads other than Class I carriers.
       ``(4) Passenger rail set-aside.--Any amounts appropriated 
     pursuant to subsection (a) that remain available after the 
     set-asides described in paragraphs (2) and (3) shall be set 
     aside for passenger railroads.''.
       (b) Clerical Amendment.--The table of chapters for title 
     49, United States Code, is amended by inserting after the 
     item relating to chapter 223 the following:

   ``Chapter 224--Railroad Rehabilitation and Improvement Financing 
                               Program''.

     SEC. 3. CONFORMING AMENDMENTS.

       (a) National Trails System Act.--Section 8(d) of the 
     National Trails System Act (16 U.S.C. 1247(d)) is amended by 
     inserting ``(45 U.S.C. 801 et seq.) and chapter 224 of title 
     49, United States Code'' after ``1976''.
       (b) Passenger Rail Reform and Investment Act.--Section 
     11315(c) of the Passenger Rail Reform and Investment Act of 
     2015 (23 U.S.C. 322 note; Public Law 114-94) is amended by 
     striking ``sections 502 and 503 of the Railroad 
     Revitalization and Regulatory Reform Act of 1976'' and 
     inserting ``sections 22402 and 22403 of title 49, United 
     States Code''.
       (c) Provisions Classified in Title 45, United States 
     Code.--
       (1) Section 101 of the Railroad Revitalization and 
     Regulatory Reform Act of 1976 (45 U.S.C. 801) is amended--
       (A) in subsection (a), in the matter preceding paragraph 
     (1), by striking ``It is the purpose of the Congress in this 
     Act to'' and inserting ``The purpose of this Act and chapter 
     224 of subtitle V of title 49, United States Code, is to''; 
     and
       (B) in subsection (b), in the matter preceding paragraph 
     (1), by striking ``It is declared to be the policy of the 
     Congress in this Act'' and inserting ``The policy of this Act 
     and chapter 224 of title 49, United States Code, is''.
       (2) Section 11607(b) of the Railroad Infrastructure 
     Financing Improvement Act (Public Law 114-94; 45 U.S.C. 821 
     note) is amended by striking ``All provisions under sections 
     502 through 504 of the Railroad Revitalization and Regulatory 
     Reform Act of 1976 (45 U.S.C. 8301 et seq.)'' and inserting 
     ``All provisions under section 22404 through 22404 of title 
     49, United States Code,''.
       (3) Section 11610(b) of the Railroad Infrastructure 
     Financing Improvement Act (Public Law 114-94; 45 U.S.C. 821 
     note) is amended by striking ``section 502(f) of the Railroad 
     Revitalization and Regulatory Reform Act of 1976 (45 U.S.C. 
     822(f)), as amended by section 11607 of this Act'' and 
     inserting ``section 22402(f) of title 49, United States 
     Code''.
       (4) Section 7203(b)(2) of the Transportation Equity Act for 
     the 21st Century (Public Law 105-178; 45 U.S.C. 821 note) is 
     amended by striking ``title V of the Railroad Revitalization 
     and Regulatory Reform Act of 1976 (45 U.S.C. 821 et seq.)'' 
     and inserting ``chapter 224 of title 49, United States 
     Code,''.
       (5) Section 212(d)(1) of Hamm Alert Maritime Safety Act of 
     2018 (title II of Public Law 115-265; 45 U.S.C. 822 note) is 
     amended, in the matter preceding subparagraph (A), by 
     striking ``for purposes of section 502(f)(4) of the Railroad 
     Revitalization and Regulatory Reform Act of 1976 (45 U.S.C. 
     822(f)(4))'' and inserting ``for purposes of section 22402 of 
     title 49, United States Code''.
       (6) Section 15(f) of the Milwaukee Railroad Restructuring 
     Act (45 U.S.C. 914(f)) is amended by striking ``Section 516 
     of the Railroad Revitalization and Regulatory Reform Act of 
     1976 (45 U.S.C. 836)'' and inserting ``Section 22404 of title 
     49, United States Code,''.
       (7) Section 104(b) of the Rock Island Railroad Transition 
     and Employee Assistance Act (45 U.S.C. 1003(b)) is amended--
       (A) in paragraph (1), by striking ``title V of the Railroad 
     Revitalization and Regulatory Reform Act of 1976 (45 U.S.C. 
     821 et seq.)'' and inserting ``chapter 224 of title 49, 
     United States Code,''; and
       (B) in paragraph (2), by striking ``title V of the Railroad 
     Revitalization and Regulatory Reform Act of 1976, and section 
     516 of such Act (45 U.S.C. 836)'' and inserting ``chapter 224 
     of title 49, United States Code, and section 22404 of title 
     49, United States Code,''.
       (8) Section 104(b)(2) of the Rock Island Railroad 
     Transition and Employee Assistance Act (45 U.S.C. 1003(b)(2)) 
     is amended by striking ``title V of the Railroad 
     Revitalization and Regulatory Reform Act of 1976, and section 
     516 of such Act (45 U.S.C. 836)'' and inserting ``chapter 224 
     of title 49, United States Code, and section 22404 of such 
     title 49,''.
       (d) Title 49.--
       (1) Section 116(d)(1)(B) of title 49, United States Code, 
     is amended by striking ``sections 501 through 503 of the 
     Railroad Revitalization and Regulatory Reform Act of 1976 (45 
     U.S.C. 821-823)'' and inserting ``sections 22401 through 
     22403 of this title''.
       (2) Section 306(b) of title 49, United States Code, is 
     amended--
       (A) by striking ``chapter 221 or 249 of this title,'' and 
     inserting ``chapter 221, 224, or 249 of this title,''; and
       (B) by striking ``, or title V of the Railroad 
     Revitalization and Regulatory Reform Act of 1976 (45 U.S.C. 
     821 et seq.)''.
       (3) Section 11311(d) of the Passenger Rail Reform and 
     Investment Act of 2015 (Public Law 114-94; 49 U.S.C. 20101 
     note) is amended by striking ``, and section 502 of the 
     Railroad Revitalization and Regulatory Reform Act of 1976 (45 
     U.S.C. 822)''.
       (4) Section 205(g) of the Passenger Rail Investment and 
     Improvement Act of 2008 (division B of Public Law 110-432; 49 
     U.S.C. 24101 note) is amended by striking ``title V of the 
     Railroad Revitalization and Regulatory Reform Act of 1976 (45 
     U.S.C. 821 et seq.)'' and inserting ``chapter 224 of title 
     49, United States Code''.
       (5) Section 22905(c)(2)(B) of title 49, United States Code, 
     is amended by striking ``section 504 of the Railroad 
     Revitalization and Regulatory Reform Act of 1976 (45 U.S.C. 
     836)'' and inserting ``section 22404 of this title''.
       (6) Section 24903 of title 49, United States Code, is 
     amended--
       (A) in subsection (a)(6), by striking ``and the Railroad 
     Revitalization and Regulatory

[[Page S2597]]

     Reform Act of 1976 (45 U.S.C. 801 et seq.)'' and inserting 
     ``, the Railroad Revitalization and Regulatory Reform Act of 
     1976 (45 U.S.C. 801 et seq.), and chapter 224 of this 
     title''; and
       (B) in subsection (c)(2), by striking ``and the Railroad 
     Revitalization and Regulatory Reform Act of 1976 (45 U.S.C. 
     801 et seq.)'' and inserting ``, the Railroad Revitalization 
     and Regulatory Reform Act of 1976 (45 U.S.C. 801 et seq.), 
     and chapter 224 of this title''.

     SEC. 4. TRANSITIONAL AND SAVINGS PROVISIONS.

       (a) Definitions.--In this section:
       (1) Restated provision.--The term ``restated provision'' 
     means a provision of chapter 224 of title 49, United States 
     Code, as added by section 2.
       (2) Source provision.--The term ``source provision'' means 
     a provision of law that is replaced by a restated provision.
       (b) Cutoff Date.--
       (1) In general.--The restated provisions replace certain 
     source provisions enacted on or before March 12, 2019.
       (2) Subsequent amendments and repeals.--If a law enacted 
     after March 12, 2019 amends or repeals a source provision, 
     that law is deemed to amend or repeal, as the case may be, 
     the corresponding restated provision. If a law enacted after 
     March 12, 2019 is otherwise inconsistent with a restated 
     provision of this Act, that law supersedes the restated 
     provision of this Act to the extent of the inconsistency.
       (c) Original Date of Enactment Unchanged.--A restated 
     provision is deemed to have been enacted on the date of 
     enactment of the corresponding source provision.
       (d) References to Restated Provisions.--A reference to a 
     restated provision is deemed to refer to the corresponding 
     source provision.
       (e) References to Source Provisions.--A reference to a 
     source provision, including a reference in a regulation, 
     order, or other law, is deemed to refer to the corresponding 
     restated provision.
       (f) Regulations, Orders, and Other Administrative 
     Actions.--A regulation, order, or other administrative action 
     in effect under a source provision continues in effect under 
     the corresponding restated provision.
       (g) Actions Taken and Offenses Committed.--An action taken 
     or an offense committed under a source provision is deemed to 
     have been taken or committed under the corresponding restated 
     provision.

     SEC. 5. REPEALS.

       The following provisions of law are repealed, except with 
     respect to rights and duties that matured, penalties that 
     were incurred, or proceedings that were begun before the date 
     of enactment of this Act:

                        Schedule of Laws Repealed
------------------------------------------------------------------------
                                                      United States Code
               Act                      Section             Former
                                                        Classification
------------------------------------------------------------------------
Railroad Revitalization and       501...............  45 U.S.C. 821.
 Regulatory Reform Act of 1976
 (Public Law 94-210).
                                  502...............  45 U.S.C. 822.
                                  503...............  45 U.S.C. 823.
                                  504...............  45 U.S.C. 836.
 Safe, Accountable, Flexible,     9003(j)...........  45 U.S.C. 822
 Efficient Transportation Equity                       note.
 Act: A Legacy for Users or
 SAFETEA-LU (Public Law 109-59).
------------------------------------------------------------------------

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