Word: icc
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...nudge the two sides together. The Administration is implicitly threatening the industry against caving in to union demands. The Interstate Commerce Commission has informally told the companies that they will not be allowed to pass through-as higher rates-any raises of more than 7%. Until now, the ICC has merely rubber-stamped the requests of trucking firms...
State Rep. Barney Frank '61, a lecturer at the Kennedy School, advocated deregulation, saying that, "Unlike most businessmen, regulated truckers can get together in private and agree to fix their prices--they can get the ICC to keep most of their competitors from even getting into the business at all. We think that's very inflationary...
...store, one of every ten truck-miles driven in the U.S. has been "deadheaded." O'Neal has further decreed that organizers of a new truck line need prove only that they will "serve a useful public purpose" to be allowed to operate. He has also scrapped an ancient ICC dictum that a line could contract to haul the goods of only eight shippers. This "rule of eight" froze many small shippers out of trucking contracts; truckers were reluctant to sign up a small shipper when they might get a bigger...
Most important, the ICC last fall turned down a rate increase proposed by the southern trucking conference that would have allowed the lines involved a 23.96% annual profit on stockholders' equity, and approved one that will hold the return to 14.78%. Its reasoning: truckers should not get a return greater than the average for manufacturers. That ruling is still sending shock waves through the industry, and O'Neal expects a lawsuit over it. Undaunted, he wants to set maximum and minimum charges and within those limits allow truckers to post any rates dictated by competition...
That will require legislation-either Kennedy's bill or one that the ICC and the Administration are drafting-and it will be hard fought. Truckers contend rate freedom will lead to cuts that will bankrupt small lines, which will be gobbled up by big ones that will then raise rates higher than ever and cut off service to remote towns. A new truckers' lobby called ACT (for Assure Competitive Transportation) has circulated petitions calling for O'Neal's resignation, a demand that Teamsters President Frank Fitzsimmons echoed in a letter to President Carter in mid-January...