jun 29, 1906 - Signs the Hepburn Act (34 Stat 584), enhancing the power of the Interstate Commerce Commission to regulate railroad shipping rates and enforce regulations. In particular, the act was intended to reduce the bargaining power of large shippers. The Commission was empowered to set rates that it determined were “just and reasonable” (rather than any kind of market-set prices). The ICC was increased in size and members’ salaries increased. Passage of the bill depended on popular outrage toward the railroads
Added to timeline:
Date:
jun 29, 1906
Now
~ 120 years ago