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This section codifies the Railroad Safety Advisory Committee (RSAC) by adding new section 20122 to subchapter I of chapter 201 of title 49, United States Code, and exempts RSAC from the Federal Advisory Committee Act's (FACA) two-year termination requirement (5 U.S.C. §1013). (As background, FACA generally requires advisory committees to terminate after two years unless renewed by appropriate action (thus subjecting them to periodic charter filings and potential lapses); RSAC—which has operated since 1996 to provide consensus-based advice to the Federal Railroad Administration (FRA) Administrator on railroad safety regulations, including new rules, revisions, and non-regulatory solutions—no longer requires such renewals and becomes effectively permanent.) The section specifies RSAC's duties, including (1) providing a forum for collaborative rulemaking; (2) developing regulatory standards and solutions; and (3) assessing safety problems and recommending fixes. It requires RSAC membership of at least one representative from each major FRA stakeholder group (e.g., freight and passenger carriers, Amtrak, local governments, rail passenger organizations, railroad labor organizations representing operating crafts, maintenance-of-way employees, shop and mechanical crafts, clerks, and dispatching employees, safety-related employees, suppliers, and manufacturers); authorizes RSAC to employ staff; allows task-based working groups at FRA's request; mandates quarterly FRA meetings with RSAC; requires annual reports to Congress summarizing activities; applies FACA except for the termination exemption; and authorizes appropriations from the Highway Trust Fund as necessary.