The Railroad Revitalization and Regulatory Reform Act of 1976, often called the "4R Act," is a United States federal law that established the basic outlines of regulatory reform in the railroad industry and provided transitional operating funds following the 1970 bankruptcy of Penn Central Transportation Company. The law approved the "Final System Plan" for the newly-created Conrail and authorized acquisition of Northeast Corridor tracks and facilities by Amtrak.
The Act was the first in a series of laws which collectively are described as the deregulation of transportation in the United States. It was followed by the Airline Deregulation Act (1978), Staggers Rail Act (1980), and the Motor Carrier Act of 1980.
Read more about Railroad Revitalization And Regulatory Reform Act: Background, Overview of Law, Initial Reaction To The Act
Famous quotes containing the words railroad, reform and/or act:
“This I saw when waking late,
Going by at a railroad rate,
Looking through wreaths of engine smoke
Far into the lives of other folk.”
—Robert Frost (1874–1963)
“...the way to reform has always led through prison.”
—Emmeline Pankhurst (1858–1928)
“Old age equalizes—we are aware that what is happening to us has happened to untold numbers from the beginning of time. When we are young we act as if we were the first young people in the world.”
—Eric Hoffer (1902–1983)