INTERSTATE COMMERCE COMMISSION Meaning and
Definition
-
The Interstate Commerce Commission (ICC) was a regulatory agency established in the United States in 1887. It was created with the purpose of regulating and overseeing the practices of the railroad industry, specifically in relation to interstate commerce. The ICC had jurisdiction over railroads engaged in freight and passenger transportation crossing state lines, and it was granted authority to ensure fair and non-discriminatory rates, prevent monopolistic practices, and promote competition within the industry.
The commission consisted of a group of appointed commissioners who were responsible for implementing and enforcing regulations under the Interstate Commerce Act. Their duties included reviewing and approving rates, investigating complaints, resolving disputes, and monitoring the financial operations of railway companies. The ICC played a crucial role in shaping the development of the American railway system, contributing to the establishment of fair business practices and preventing abuses by powerful railroad companies.
Over time, the ICC's jurisdiction expanded to include other forms of transportation, such as motor carriers, pipelines, and water carriers. However, due to criticism that it was unable to effectively regulate industries, the ICC underwent various reforms and changes throughout the twentieth century. Eventually, it was abolished in 1995 and its responsibilities were transferred to the Surface Transportation Board. Nevertheless, the Interstate Commerce Commission left a significant impact on the regulation of interstate transportation in the United States, establishing a framework for future regulatory bodies and shaping the development of transportation industries.
Common Misspellings for INTERSTATE COMMERCE COMMISSION
- unterstate commerce commission
- jnterstate commerce commission
- knterstate commerce commission
- onterstate commerce commission
- 9nterstate commerce commission
- 8nterstate commerce commission
- ibterstate commerce commission
- imterstate commerce commission
- ijterstate commerce commission
- ihterstate commerce commission
- inrerstate commerce commission
- inferstate commerce commission
- ingerstate commerce commission
- inyerstate commerce commission
- in6erstate commerce commission
- in5erstate commerce commission
- intwrstate commerce commission
- intsrstate commerce commission
- intdrstate commerce commission
