RTA CHAIRMAN-VETO POWER

Amends the Regional Transportation Authority Act and the Metropolitan Transit Authority Act. Requires that the budget and 2-year financial plan submitted by each Service Board (Chicago Transit Authority, Suburban Bus Board, and Commuter Rail Board) to the Regional Transportation Authority must be approved by the Chairman of the Board of Directors of the Regional Transportation Authority. Provides that the Chairman of the Board of Directors of the Regional Transportation Authority may reduce or veto any item of appropriations in the budget or plan submitted by a Service Board and shall return the item vetoed or reduced with his or her objections to the Board of the Regional Transportation Authority. Sets forth the procedure for the Board of the Regional Transportation Authority to override the Chairman's veto. Makes conforming changes in provisions concerning the approval of a Service Board's revised budget. Effective January 1, 2012.