Word: icc
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Such a housecleaning is long overdue. Beginning with the establishment of the Interstate Commerce Commission (ICC) by Congress 87 years ago to bring the freewheeling railroad barons into line, the regulatory agencies have proliferated by the score into today's alphabet soup. In 1920, Congress set up the Federal Power Commission (FPC) to watch over the burgeoning hydroelectric industry; in 1934, the Federal Communications Commission (FCC) to monitor the new radio industry; in 1938, the Civil Aeronautics Board (CAB) to police the airlanes; in 1946, the Atomic Energy Commission...
...Haven Railroad, but after the Penn Central acquired the New Haven in 1966, it instructed its new subsidiary to cancel the lease because the P & W did not earn enough money. P & W President Robert H. Eder, an ex-paratrooper and Harvard Law graduate, fought the move, but the ICC decided in favor of Penn Central, and the Supreme Court upheld the decision. The P & W got bank backing and filed a petition with the ICC to operate independently, but the Penn Central about-faced and tried to block the move, claiming that the P&W lease was too valuable...
Overdrive never did endorse the settlement of the strike. The 63-per-cent surcharge was insufficient to cover rising costs, and applied only to ICC-regulated carriers. Most independent drivers haul commodities exempt from ICC regulation and so received no benefit from the increase...
Under the present arrangement, they cannot. Interstate trucking is regulated by the ICC, which grants "operating rights" to carriers to haul certain commodities over certain routes. Independent operators have three options: they can haul "exempt" commodities, such as produce and cattle; they can lease their trucks to and drive for licensed carriers, thus virtually eliminating their independent status; or they can apply for operating rights...
...ICC behaves like a Civil War surgeon," says Mrs. Carson. "It tries to cure every ailment by amputation." If the new ruling is upheld in higher courts, the ICC may well have to try other remedies-ranging from huge federal subsidies to outright nationalization -to cure the nation's ailing railroads...