This Act may be cited as the Forging Ahead on Rail Electrification Act or the FARE Act.

(a) Establishment The Chairman of the Surface Transportation Board shall establish an advisory committee on rail electrification to study and issue recommendations regarding barriers to rail electrification, including research and development needs to mitigate such barriers. (b) Membership The members of the advisory committee established under subsection (a) shall represent a balance of interested and affected parties, including— (1) passenger railroads; (2) freight railroads; (3) electric utilities; (4) electric equipment manufacturers; (5) rail equipment manufacturers; (6) State governments; and (7) relevant Federal agencies. (c) Report Not later than 2 years after the date of enactment of this Act, and every 2 years thereafter until the date described in subsection (d), the Chairman of the Surface Transportation Board shall submit to the Committee on Transportation and Infrastructure of the House of Representatives and the Committee on Commerce, Science, and Transportation of the Senate a report on the study and recommendations of the advisory committee described in subsection (a). (d) Termination The advisory committee shall be terminated on the date that is 10 years after the date of enactment of this Act.