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:
“... no other railroad station in the world manages so mysteriously to cloak with compassion the anguish of departure and the dubious ecstasies of return and arrival. Any waiting room in the world is filled with all this, and I have sat in many of them and accepted it, and I know from deliberate acquaintance that the whole human experience is more bearable at the Gare de Lyon in Paris than anywhere else.”
—M.F.K. Fisher (1908–1992)
“It is doubtless wise, when a reform is introduced, to try to persuade the British public that it is not a reform at all; but appearances must be kept up to some extent at least.”
—George Bernard Shaw (1856–1950)
“When a uniform exercise of kindness to prisoners on our part has been returned by as uniform severity on the part of our enemies, you must excuse me for saying it is high time, by other lessons, to teach respect to the dictates of humanity; in such a case, retaliation becomes an act of benevolence.”
—Thomas Jefferson (1743–1826)