Amtrak

(redirected from Railpax)
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Amtrak

A government-owned corporation in the United States providing rail service between cities. All preferred stock is owned by the federal government, and the President appoints members of the board of directors (subject to Senate confirmation). Amtrak has never been self-sufficient. Critics of government-owned companies often point to this as a sign that the private market is better at running companies. Amtrak's defenders, however, point out that the U.S. government also must subsidize air travel (which is privately run).
References in periodicals archive ?
The initial blueprint, a government-subsidized corporation with the imperial-sounding name RailPax, was designed to preserve passenger service where there remained enough "public demand.
Amtrak--officially the National Passenger Railroad Corporation, whose marketing department smartly ditched the RailPax name--took over the nation's remaining passenger lines on May 1, 1971.