Railroad Competition Act of 2001

Railroad Competition Act of 2001 - Amends Federal transportation law to require a rail carrier, upon a shipper's request, to establish a rail transportation rate and provide service requested by the shipper between any two points on the carrier's system where traffic originates, terminates, or may reasonably be interchanged.

Requires the Surface Transportation Board, in a proceeding to approve the merger or control of at least two Class I railroads, to: (1) consider means and methods to encourage and expand competition between and among rail carriers in the affected region or in the national rail system; and (2) impose any conditions appropriate to encourage and expand such competition.

Changes from discretionary to mandatory the Board's authority to require: (2) the use of certain rail carrier-owned terminal facilities by another carrier under specified conditions; and (2) rail carriers to enter into reciprocal switching agreements where they are necessary to provide competitive rail service.

Limits the amount the Board may charge for the filing of relief requests. Revises requirements for Board market dominance determinations and reasonableness determinations in rail rate proceedings.

Declares primary objectives for U.S. rail transportation policy, including: (1) ensuring effective competition among rail carriers; and (2) maintaining reasonable rail rates in the absence of effective competition.

Repeals the Board's authority to establish standards for establishing revenue levels and determining adequacy of revenues for rail carriers.

Authorizes arbitration of disputes involving the reasonableness of rail rates or provision of service.

Directs the Secretary of Transportation to: (1) require rail carriers to file monthly service quality reports; and (2) conduct triennial studies of rail carrier competition and the processes of the Board.