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)
“When I go into a museum and see the mummies wrapped in their linen bandages, I see that the lives of men began to need reform as long ago as when they walked the earth. I come out into the streets, and meet men who declare that the time is near at hand for the redemption of the race. But as men lived in Thebes, so do they live in Dunstable today.”
—Henry David Thoreau (1817–1862)
“Fatigue dulls the pain, but awakes enticing thoughts of death. So! that is the way in which you are tempted to overcome your loneliness—by making the ultimate escape from life..—No! It may be that death is to be your ultimate gift to life: it must not be an act of treachery against it.”
—Dag Hammarskjöld (1905–1961)