Interstate Commerce Commission (ICC),
Definition of Interstate Commerce Commission (ICC):
Interstate Commerce Commission (ICC) formerly regulated the economics and services of specified carriers engaged in transportation between states from 1887 to 1995. The Interstate Commerce Commission was the first regulatory commission established in the U.S., where it oversaw common carriers. However, the agency was terminated at the end of 1995, with its functions either having been transferred to other bodies or in some cases rendered obsolete by deregulation. .
A former federal agency established to ensure fair and reasonable rates for transportation services provided between states by a company. It was abolished in 1995 and what functions were not abolished were transferred to the Surface Transportation Board.
The Interstate Commerce Commission (ICC) was established in 1887, following increasing public indignation in the 1880s over abuses and malpractices by the railroad companies. Originally established to regulate the railroads, the Interstate Commerce Commission had jurisdiction over all common carriers—excluding airplanes—by 1940. .
How to use Interstate Commerce Commission (ICC) in a sentence?
- The ICC started due to complaints that railroad companies were abusing the existence of monopolies in their respective areas. .
- When laws were passed that led to the deregulation of these industries, the ICC weakened and eventually disbanded completely. .
- The ICC was eventually disbanded, and its remaining responsibilities were transferred to various government entities. .
- The powers of the ICC were consistently expanded through the first half of the 20th century.
- The Interstate Control Commission regulated entities involved in interstate transportation from 1887 to 1995.
Meaning of Interstate Commerce Commission (ICC) & Interstate Commerce Commission (ICC) Definition