Interstate Commerce Act of 1887

The Interstate Commerce Act of 1887 is a United States federal law that was designed to regulate the railroad industry, particularly its monopolistic practices. The Act required that railroad rates be "reasonable and just," but did not empower the government to fix specific rates. It also required that railroads publicize shipping rates and prohibited short haul or long haul fare discrimination, a form of price discrimination against smaller markets, particularly farmers in Western or Southern Territory compared to the official Eastern states. The Act created a federal regulatory agency, the Interstate Commerce Commission (ICC), which it charged with monitoring railroads to ensure that they complied with the new regulations.

Interstate Commerce Act of 1887
Long titleAn act to regulate commerce
Enacted bythe 49th United States Congress
EffectiveApril 7, 1887
Citations
Public lawPub. L.Tooltip Public Law (United States) 49–104
Statutes at Large24 Stat. 379
Legislative history
  • Passed the U.S. House on February 4, 1887 
  • Passed the U.S. Senate on February 4, 1887 
Major amendments
Act of February 4, 1887 (Interstate Commerce Act)

With the passage of the Act, the railroad industry became the first industry subject to federal regulation by a regulatory body. It was later amended to regulate other modes of transportation and commerce.

This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.