ICC Termination Act
Overview
The ICC Termination Act of 1995 is a significant piece of United States federal legislation that effectively abolished the Interstate Commerce Commission (ICC). The Act was signed into law by President Bill Clinton on December 29, 1995, marking the end of an era of federal regulation of the transportation industry that had lasted for over a century.
Background
The Interstate Commerce Commission was established in 1887 as the first independent federal regulatory agency. Its primary function was to regulate the railroad industry, which was then the dominant form of long-distance transportation in the United States. Over time, the ICC's regulatory purview expanded to include other forms of transportation, including trucking and bus lines. However, by the late 20th century, the ICC had become a target of criticism and calls for deregulation.
Provisions of the Act
The ICC Termination Act disbanded the Interstate Commerce Commission and transferred most of its functions to the newly created Surface Transportation Board (STB). The Act also made significant changes to the regulatory framework for the transportation industry, including the removal of many of the ICC's previous regulatory powers.
Impact and Legacy
The termination of the ICC and the enactment of the ICC Termination Act marked a significant shift in the federal government's approach to transportation regulation. The Act has had far-reaching effects on the transportation industry and continues to shape regulatory policy in the United States.