The measure, which must still be voted on by both houses, would require the installation of new technology on trains traveling on main routes to reduce the chance of deadly collisions, the Los Angeles Times reported. However, congressional aides said railroads would have until 2015 to install the new equipment, the newspaper said.
The deal comes just days after a commuter train and a freight train collided in Chatsworth, Calif., killing 25 people and injuring scores more.
"No question it's good that there's a deal, and I hope that it can be passed before this Congress comes to a close," said Sen. Diane Feinstein, D-Calif., in a released statement. "Yet, I'm very disappointed about the deadline. I think that's too long a delay."
The bill would allocate $50 million to help railroads buy the new equipment.