To provide for a settlement of the railroad labor-management disputes between certain railroads and certain of their employees.

Provides for settlement of certain unresolved railroad labor-management disputes. Sets forth conditions which shall apply during the resolution of such disputes. Requires all carriers and all employees affected by such unresolved disputes (referred to in three specified Executive Orders of March 31, 1992) to take all necessary steps to restore or preserve the conditions that existed before June 24, 1992 (when a strike and lockouts caused a railroad stoppage). Provides for appointment of arbitrators. Requires, within three days after enactment of this joint resolution (enactment date), the carrier parties and the labor union party, respectively, in each such dispute to each appoint one individual from the National Mediation Board's roster of arbitrators. Requires each of these pairs of individuals to select an arbitrator for that dispute, within working six days of the enactment date. Allows one individual arbitrator to be so selected for more than one of these disputes. Prohibits from being selected as an arbitrator any specified interested individual or anyone who has served as a member of any of four specifed Presidential Emergency Boards. Provides for conduct of negotiations. Requires the parties to such unresolved disputes, during the 20-day period beginning on the enactment date, to conduct negotiations for the purpose of reaching agreement on the disputes. Provides that the selected arbitrators shall be available for consultation with the parties during this initial negotiating period. Requires both the labor union and the carrier (or carriers), if they have not reached agreement within such initial period, to each submit its final offer to the arbitrator and the other party (or parties), within five days after such initial period. Requires the parties, with the assistance of the arbitrator, to engage in final negotiations to attempt to reach agreement, upon submission of such final offers and during the seven days thereafter. Requires the arbitrator, if the parties fail to reach agreement during such final negotiating period, to render a decision, within the three days following the end of such period, by selecting one of the proposed written contracts submitted under the final offers, without modification. Requires such decision and selected contract to be immediately submitted to the President. Requires the President to approve or disapprove such decision and selected contract within three days of receipt (thus providing a 38-day period after the enactment date for the entire process). Makes the selected contract, if the President approves it, binding on parties with the same effect as though arrived at by agreement of the parties under the Railway Labor Act. Provides, if the President disapproves such decision and selected contract, that the parties shall have those rights under the Railway Labor Act that they had at 12:01 A.M. on June 24, 1992 (including rights to self-help such as strikes by labor and lockouts by management). Sets forth special rules with respect to tentative agreements. Allows, upon agreement of the parties, final offers to be submitted at any time after enactment of this joint resolution. Precludes judicial review of any decision of an arbitrator under this joint resolution. Declares that nothing in this joint resolution shall prevent a mutual written agreement to any different terms and conditions.