This bill establishes a mechanism for providing financial aid to local emergency responders following train incidents involving hazardous materials. It authorizes the Federal Railroad Administration (FRA) Administrator, in consultation with FEMA and EPA, to declare a "hazardous train event" within three days of an incident. Such a declaration triggers an immediate award of at least $250,000 from a newly created fund to eligible state and local emergency response groups. The bill creates the Hazardous Train Event Emergency Reimbursement Fund to cover costs such as equipment replacement, overtime pay for responders, and operational expenses incurred during these events, with additional funding up to $3,000,000 per event available. Furthermore, it mandates that the Secretary of Transportation issue regulations requiring railroads transporting hazardous materials to provide local emergency response groups with advance warning of train loads and timing, along with real-time location information . To finance the reimbursement fund, the bill establishes annual fees for shippers and carriers of hazardous materials by rail.