A bill to amend section 10 of the Railway Labor Act to settle emergency transportation labor disputes.

Allows the President to create a special Emergency Board in addition to the present Mediation Board to settle disputes between railroad carriers and employees which substantially threatens interstate or foreign commerce.

Authorizes the Emergency Board to investigate the facts of any dispute with or without hearings and to report to the President within 60 days their findings if the dispute has not been settled.

Gives the President, upon expiration of 30 days after the Emergency Board's report, discretionary power to: (a) notify the parties of his intention to establish a special board to resolve the dispute; (b) direct the Secretary of Commerce to take possession of such carrier's property and to operate such property, or (c) transmit recommendations for legislation deemed necessary.

Provides that if a special board is established the President must notify the affected parties and allow a specified period for the parties to establish a special board to make a final determination of the dispute. Requires the President to create a special board if the parties fail to establish a special board.

Authorizes the special board to hold hearings and publish its determinations within 60 days after its appointment.

Provides that the final determination by the special board may be reviewed by any U.S. district court if a review order is obtained within 30 days by an aggrieved party.

Requires that such property so seized under paragraph (b) above be returned to the carrier within 30 days after the settlement of the dispute. Provides that any violation of the special board's determination by the parties within two years of such determination shall be a misdemeanor. (Amends 45 U.S.C. 160)