Interstate Commerce Commission (ICC)
Definition - What does Interstate Commerce Commission (ICC) mean?
The Interstate Commerce Commission (ICC) was a regulatory body that regulated transportation structures all over the United States. It was first established in 1887 in response to public demand to discipline the abusive behavior of the railroad industry. In 1995, President Clinton dissolved the act and the remaining ICC personnel were moved to the Department of Transportation.
Insuranceopedia explains Interstate Commerce Commission (ICC)
In the 1800's, the railroad industry became formidable, moving people and products more efficiently and faster than previous modes of land transportation. It also began abusing its power. Since the railroads were unchecked by government, people who owned them could raise prices anytime to the disgruntlement of their clients. The ICC was born in an effort to control this kind of industry behavior.
Over time, it extended its concern beyond railroads. Through revisions of the act, it regulated other transportation like ships, trucks, and other land vehicles.
Eventually, the commission became problematic and it faced accusations of corruption. The federal government responded by clipping its powers and budget and, under President Clinton in 1995, dissolving it.