Interstate Commerce Commission - ICC


DEFINITION of 'Interstate Commerce Commission - ICC'

A body within the U.S. Department of Congress, charged with regulating the pricing of the movement of goods across state lines. The Interstate Commerce Commission sets pricing rates and safety standards for industries relating to railroads, roads and ships, as well as telephone and wireless providers. The ICC was run by seven Commissions, all of whom were not to have ties to the industries being regulated.

BREAKING DOWN 'Interstate Commerce Commission - ICC'

The Interstate Commerce Commission was established in 1887, and operated until 1995. It had a contentious relationship with industries and some members of Congress, and was swept aside during the deregulation of railroads and other industries, during the 1970s and 1980s. It was, however, one of the first attempts at industry regulation in the United States and a number of federal agencies were modeled after it.

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