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Interstate Commerce Committee

Definition

The Interstate Commerce Committee (ICC) was a regulatory agency in the United States created by the Interstate Commerce Act of 1887. Its role was overseeing railroads and later trucking, as well as some other modes of transportation.

Analogy

Consider ICC as school principals who oversee all operations within their schools. They make sure everything runs smoothly and according to set rules and regulations - similarly, ICC oversaw transportation industries ensuring they adhered to the Interstate Commerce Act.

Related terms

Federal Trade Commission (FTC): This is an independent agency of the United States government, established in 1914 by the Federal Trade Commission Act. Its principal mission is the promotion of consumer protection and the elimination and prevention of anticompetitive business practices. It's like a watchdog that keeps businesses from behaving badly.

Deregulation: This is the process of removing or reducing state regulations, typically in the economic sphere. It's like removing some rules from a board game - it can make things more interesting, but also riskier.

Transportation Act of 1920: This act was designed to return control of railroads to their owners following World War I while enabling firms to earn a fair return on investments. It's like returning borrowed toys back to their rightful owners after playtime, but with conditions for fair use.