Background
Following the massive bankruptcy of the Penn Central in 1970, Congress created Amtrak to take over the failed company's intercity passenger train service, under the Rail Passenger Service Act. Congress passed the Regional Rail Reorganization Act of 1973 (the "3R Act") to salvage viable freight operations from Penn Central and other failing rail lines in the northeast, mid-Atlantic and midwestern regions, through the creation of ConRail. ConRail began operations in 1976.
Read more about this topic: Railroad Revitalization And Regulatory Reform Act
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