A bill amending title 49 of the United States Code with respect to standards for rail rates and determinations of rail carrier market dominance, with respect to railroad accounting principles, and…

Amends the Interstate Commerce Act to revise the Federal rail transportation policy to allow competition among carriers to provide transportation services to establish rates. (Currently competition and the demand for services establish such rates.) Removes provisions which require the maintenance of reasonable rates where rail rates provide excessive revenues.

Sets forth factors for the Interstate Commerce Commission to consider when determining the reasonableness of rail rates. Revises standards and procedures for establishing revenue levels for rail carriers. Requires the Commission to assist carriers in attaining such revenue levels, while recognizing the need to maintain reasonable rates where there is market dominance.

Revises factors which determine whether or not a rail carrier establishing a challenged rate has market dominance over transportation.

Directs the Commission, in determining the existence or absence of effective competition, to consider only transportation competition for the same commodity.

Requires the Comptroller General to make appointments to the Railroad Accounting Principles Board within 120 days of enactment of this Act. Terminates the Board three years after its members have been appointed.