Congress passed various deregulation measures in the 1970s and 1980s which diminished ICC authority, including the Railroad Revitalization and Regulatory Reform Act of 1976 and the Motor Carrier Act of 1980. Full deregulation finally came on October 14, 1980, when President Jimmy Carter signed into law the Staggers Rail Act (named for Democratic Congressman Harley Orrin Staggers of West Virginia). It was massive deregulation of the railroads including the provisions to raise any rate that fell below 160% of out-of-pocket costs (this figure eventually rose to 180%) and to enter into contracts with shippers to set price and service, both without ICC approval.
In 1995, when most of the ICC's powers had been eliminated, Congress finally abolished the agency with the Interstate Commerce Commission Termination Act. Final Chair Gail McDonald oversaw transferring its remaining functions to the Surface Transportation Board.
Prior to its abolition, the ICC issued identification numbers to Motor Carriers (bus lines, shipping companies, etc.) which it issued licenses. These identification numbers were generally in the form of"ICC MC-000000". When the ICC was dissolved, the function of licensing interstate Motor Carriers was transferred to the Department of Transportation, so now all motor carriers which have federal licenses have a different "DOT number" such as "DOT 000000".
Read more about this topic: Interstate Commerce Commission
Famous quotes containing the word abolition:
“There is but little virtue in the action of masses of men. When the majority shall at length vote for the abolition of slavery, it will be because they are indifferent to slavery, or because there is but little slavery left to be abolished by their vote. They will then be the only slaves. Only his vote can hasten the abolition of slavery who asserts his own freedom by his vote.”
—Henry David Thoreau (18171862)
“I am gradually drifting to the opinion that this Rebellion can only be crushed finally by either the execution of all the traitors or the abolition of slavery. Crushed, I mean, so as to remove all danger of its breaking out again in the future.”
—Rutherford Birchard Hayes (18221893)
“I have no concern with any economic criticisms of the communist system; I cannot enquire into whether the abolition of private property is expedient or advantageous. But I am able to recognize that the psychological premises on which the system is based are an untenable illusion. In abolishing private property we deprive the human love of aggression of one of its instruments ... but we have in no way altered the differences in power and influence which are misused by aggressiveness.”
—Sigmund Freud (18561939)