In a press release issued in conjunction with the bill, Kohl, who chairs the Senate Judiciary Committee's Antitrust Subcommittee, focused principally on what he termed "abuses in market power" by freight railroads that he said have resulted in "spiking rail rates" and "price gouging" by carriers. "It is time to put an end to the abusive practices of the nation's freight railroads and force railroads to play by the rules of free competition like other businesses," Kohl said.

By removing the antitrust exemption, the bill would vest in the U.S. Justice Department and Federal Trade Commission (FTC) - rather than the federal Surface Transportation Board - the authority to review rail mergers under the Clayton Act. The FTC's authority would be expanded to enforce the application of the antitrust laws on the rail industry. The legislation would also end the current practice of collective ratemaking by freight railroads. In addition it would open the door to private antitrust lawsuits seeking to end alleged anticompetitive practices through injunctive relief. State attorneys general and private parties would be able to sue rail carriers for treble damages for violations of antitrust laws, including for alleged collusive activities that result in excessive and unreasonable rail rates. State attorneys general and private parties could also sue for court orders to halt alleged uncompetitive practices. Other co-sponsors of the bill are Sens. Norm Coleman, R-Minn., Russ Feingold, D-Wis., David Vitter, R-La., and John Rockefeller, D-W. Va.