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/long haul fare discrimination, a form of price discrimination against smaller markets, particularly farmers. The Act created a federal regulatory agency, the Interstate Commerce Commssion (ICC), which it charged with monitoring railroads to ensure that they complied with the new regulations.
The Act was the first federal law to regulate private industry in the United States. It was later amended to regulate other modes of transportation and commerce.
Read more about Interstate Commerce Act Of 1887: Background of The Act, Jurisdiction of The Act
Famous quotes containing the words interstate commerce, interstate, commerce and/or act:
“At bottom, I mean profoundly at bottom, the FBI has nothing to do with Communism, it has nothing to do with catching criminals, it has nothing to do with the Mafia, the syndicate, it has nothing to do with trust-busting, it has nothing to do with interstate commerce, it has nothing to do with anything but serving as a church for the mediocre. A high church for the true mediocre.”
—Norman Mailer (b. 1923)
“At bottom, I mean profoundly at bottom, the FBI has nothing to do with Communism, it has nothing to do with catching criminals, it has nothing to do with the Mafia, the syndicate, it has nothing to do with trust-busting, it has nothing to do with interstate commerce, it has nothing to do with anything but serving as a church for the mediocre. A high church for the true mediocre.”
—Norman Mailer (b. 1923)
“Friendship is a disinterested commerce between equals; love, an abject intercourse between tyrants and slaves.”
—Oliver Goldsmith (1728–1774)
“You can’t take back an act you were able to think.”
—Friedrich Dürrenmatt (1921–1990)