What was the purpose of the Interstate Commerce Commission?
The Interstate Commerce Commission ( ICC) was a regulatory agency in the United States created by the Interstate Commerce Act of 1887. The agency’s original purpose was to regulate railroads (and later trucking) to ensure fair rates, to eliminate rate discrimination, and to regulate other aspects…
What is the International Commerce Commission?
The ICC was established by the Interstate Commerce Act of 1887, which was signed into law by President Grover Cleveland.
What did the ICC do in 1887?
Years later the ICC would become the model for many other regulatory agencies, but in 1887 it was unique. The Interstate Commerce Act challenged the philosophy of laissez-faire economics by clearly providing the right of Congress to regulate private corporations engaged in interstate commerce.
What is the Interstate Control Commission?
The Interstate Control Commission regulated entities involved in interstate transportation from 1887 to 1995. The ICC was eventually disbanded, and its remaining responsibilities were transferred to various government entities.
How did the Hepburn Act change the Interstate Commerce Commission?
The Hepburn Act of 1906 and the Mann-Elkins Act of 1910 strengthened the Interstate Commerce Commission, stating the government’s regulatory power more definitively. The Hepburn Act empowered the ICC to change a railroad rate to one it considered „just and reasonable,“ after a full hearing of a complaint.
What is the Interstate Commerce Act of 1940?
The Transportation Act of 1940 amended the Interstate Commerce Act to extend its reach to the other industries, but the fact remained that while regulations were not relaxed on railroads, private cars, trucks, and 90 percent of inland water carriers were exempt from government control. It wasn’t until 1958 that the government reversed its policy.