The board also has jurisdiction over the "intercity bus industry, non-energy pipelines, household goods carriers’ tariffs, and rate regulation of non-contiguous domestic water transportation".

In 2016, a proposal was made to establish "reciprocal switching rules" to require railroads to create arrangements where shippers could access competing carriers instead of other options.

[4] The STB has the authority to regulate rates, service, construction, acquisition, railbanking and abandonment of rail lines, carrier mergers, and traffic interchanges.

As its chief executive, the chairman coordinates and organizes the agency's work and acts as its representative in legislative matters and relations with other governmental bodies.

The current chairman is Republican Patrick Fuchs, who was nominated to the STB by President Donald Trump in 2018, confirmed by the Senate, and sworn in in January 2019.

The current vice chairman is Karen Hedlund, appointed on January 9, 2023, succeeding Michelle A. Schultz in the board's annual rotation of that position.

Assisting the Board in carrying out its responsibilities is a staff of 117 (FY2018) with experience in economics, law, accounting, transportation analysis, finance, and administration.

This office includes the Rail Customer and Public Assistance Program, where Board staff solves problems ranging from a simple answer to a telephone inquiry to lengthy informal dispute resolution efforts between railroads and shippers.

[14] In carrying out its responsibilities, the Office of Proceedings obtains and applies any necessary input from economic, financial, operational, environmental, and other legal staff experts throughout the agency.