In order to effectuate and enforce the provisions of this act, the department is authorized to promulgate necessary rules and regulations and prescribe conditions and procedures in order to assure compliance in carrying out the purposes for which grants may be made hereunder. Such rules and regulations shall also provide for the observance of the relevant safety standards of any regulatory body having jurisdiction to promulgate such standards, but the department shall not be authorized hereby to do anything or suffer or permit any action which will violate any agreement with a transportation organization or company or any Federal agency, or impair, suspend, contract, enlarge or extend, or affect in any manner the powers of the Pennsylvania Public Utility Commission, or of the Interstate Commerce Commission, which by law are applicable to the transportation organization or company involved.