Amends Federal law regarding railroad lines operation and construction to direct the Interstate Commerce Commission to send a copy of a rail carrier's construction, acquisition, or operations applications (including all relevant agreements between the parties concerned) to the chief executive officer of each State (including the regulatory agencies designated by such officer) affected by such application.

Grants such State officer (or designated agency) a specified time within which to submit a written protest regarding the application. Directs the Commission, upon receipt of a protest, to review the proposed transaction within a specified period to determine whether an exemption from statutory review is appropriate. Requires the Commission to determine whether the public convenience and necessity require or permit the proposed transaction if the Commission finds that such transaction does not fall under the review exemption.