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)
“Every reform was once a private opinion, and when it shall be a private opinion again, it will solve the problem of the age.”
—Ralph Waldo Emerson (1803–1882)
“but when lust
By unchaste looks, loose gestures, and foul talk,
But most by lewd and lavish act of sin,
Lets in defilement to the inward parts,
The soul grows clotted by contagion,
Imbodies, and imbrutes, till she quite loose
The divine property of her first being.”
—John Milton (1608–1674)