Legislation and Establishment of USRA
In the Regional Rail Reorganization Act of 1973, also known as the "3R Act," Congress provided interim funding to bankrupt railroads and authorized creation of the Consolidated Rail Corporation (Conrail), another government corporation.
The 3R Act authorized the USRA to take over the powers of the Interstate Commerce Commission (ICC) with respect to allowing the bankrupt railroads to abandon unprofitable lines. The USRA was incorporated February 1, 1974, and Edward G. Jordan, an insurance executive from California, was named president on March 18 by President Richard Nixon. Arthur D. Lewis of Eastern Air Lines was appointed chairman April 30, and the rest of the board was named May 30 and sworn in July 11.
The U.S. Supreme Court affrimed the constitutionality of the 3R Act in deciding the Regional Rail Reorganization Act Cases on December 16, 1974.
Read more about this topic: United States Railway Association
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