You will know the truth and the truth will set you free. – John 8:32
On this day in 1887, the Interstate Commerce Act established the supervision of the conduct of the railroad industry through the creation of the Interstate Commerce Commission. After the Civil War, the majority of railroads were privately owned and unregulated, creating a monopoly for short-haul runs and hindering free competition. While the terms within this new law were somewhat contradictory, the commission was determined to ensure rates were “reasonable and just” for individuals. This act made the railroads the first industry subject to federal regulation and allowed Congress the power to regulate privately-owned corporations that operated interstate commerce. This first federal independent regulatory commission eventually became obsolete, and in 1995 Congress switched its remaining responsibilities to the Surface Transportation Board.
As the Lord leads, pray with us…
- For members of the Surface Transportation Board to be led by the Lord as they provide economic oversight to railroads.
- For Transportation Secretary Buttigieg as he oversees federal funding awards for infrastructure projects.
