A bill amending title 49 of the United States Code to provide certain protections for railroad employees affected by the sale or other disposal of a rail line, and for other purposes.

Amends Federal law regarding the exemption authority of the Interstate Commerce Commission with respect to rail carriers to prohibit the waiving of a rail carrier's obligation under the Railway Labor Act or collective bargaining agreements.

Sets forth a separation allowance schedule for employees adversely affected by the disposition of certain rail carrier lines. Establishes a ceiling for such separation allowance of $30,000 (periodically adjusted for inflation). Entitles such employees to the right of first hire in seniority order to a substantially equivalent position by the rail carrier obtaining the rail lines from such employees' previous rail carrier employer. States that such separation allowance and right of first hire apply to: (1) certain financial assistance offers to avoid rail abandonment and discontinuance; and (2) specified actions for which the Commission grants an exemption.