Railroad Temporary Operating Authority Act - Provides that upon application by a railroad the Interstate Commerce Commission pursuant to the Interstate Commerce Act may grant such carrier temporary approval, not exceeding 180 days, to operate all or part of the railroad properties owned or operated by another railroad, if it shall appear that failure to grant such temporary approval may result in destruction of or injury to such railroad properties or in a substantial limitation upon their future usefulness in the performance of adequate and continuous service to the public.
Requires reports every 60 days by the Commission to the Congress on the effect of such an action on competition between railroads.
Allows the Commission, for periods not exceeding 240 days in the aggregate, to direct the traffic of a railroad unable, for specified reasons, to direct its own traffic.