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:
“I was the conductor of the Underground Railroad for eight years, and I can say what most conductors can’t say—I never ran my train off the track and I never lost a passenger.”
—Harriet Tubman (1821–1913)
“There is no such thing as accomplishing a righteous reform by the use of “expediency.” There is no such thing as sliding up- hill. In morals the only sliders are backsliders.”
—Henry David Thoreau (1817–1862)
“The boldest stroke and best act of friendship is not to disclose our own failings to a friend, but to show him his own.”
—François, Duc De La Rochefoucauld (1613–1680)