jan 1, 1887 - 1887: Interstate Commerce Commission

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The ICC was started in 1887, and it was the first independent federal regulatory commission. The law required that all freight and passenger railroad rates be “reasonable and just”, and it empowers the ICC to investigate railroads and prosecute violators of its regulations. Also forbade railroads to grant secret rebates to preferred shipper's or enter into pools (agreements among competing companies to fix rates). Commission's powers proved to be weak when first tested in court.

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