Interstate Commerce Commission (ICC)
Definition - What does Interstate Commerce Commission (ICC) mean?
Interstate Commerce Commission is an independent regulatory agency which was created by the Interstate Commerce Act of 1887 to regulate interstate surface transportation across the United States of America. The agency was established in February 4, 1887 but was later abolished in 1995. On January 1, 1996 the remaining functions of the agency were transferred to the Surface Transportation Board.
Petropedia explains Interstate Commerce Commission (ICC)
The main purpose of forming the Interstate Commerce Commission in 1887 was to regulate the surface modes of transportation to ensure fair and justified rates are charged. Other purposes were to eliminate any type of discrimination, and regulation of any aspects of common carriers such as interstate bus lines and telephone operating organizations. The agency regulated the following mentioned modes of surface transportation:
- Certified rails
- Freight forwarders
- Pipelines (Crude oil, petroleum products, natural gas and water)
- Water carriers and other elements of interstate transportation