Interstate Commerce Commission (ICC)
The Interstate Commerce Commission (ICC) was a regulatory agency in the United States created by the Interstate Commerce Act of 1887. Its primary purpose was to regulate the railroad industry and its monopolistic practices. Over the years, the ICC expanded its authority to include other forms of transportation, including trucking and freight shipping.
Key functions of the ICC included:
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Regulation of Rates: The ICC had the authority to regulate the rates charged by railroads, ensuring that they were fair and reasonable.
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Elimination of Discriminatory Practices: The ICC worked to prevent unjust discrimination in pricing and service among different customers and localities.
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Oversight of Mergers and Acquisitions: The commission reviewed and approved or denied proposed mergers and acquisitions in the transportation industry.
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Promoting Competition: One of the ICC's goals was to promote a competitive market in transportation to serve the public interest.
The ICC was dissolved in 1995, and its functions were transferred to the Surface Transportation Board (STB), which now handles many of the regulatory responsibilities previously held by the ICC.
McKinley Tariff Act
The McKinley Tariff Act, enacted in 1890, was a key piece of legislation in U.S. trade policy. Named after President William McKinley, who was a supporter of high tariffs, the act significantly raised tariffs on imported goods, affecting numerous products.
Key features of the McKinley Tariff Act included:
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Increased Tariff Rates: The act raised tariffs on various goods, with average rates rising to approximately 48.4%, the highest level at that time.
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Protectionist Measures: The McKinley Tariff aimed to protect American industries from foreign competition by making imported goods more expensive.
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Impact on Agricultural Products: While the act protected many industrial sectors, it faced criticism for the negative effects it had on farmers, who often relied on exports. The increased prices for imported goods also led to higher costs for consumers.
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Political Fallout: The tariff was highly controversial and contributed to significant political backlash. It played a role in the defeat of the Republican Party in the 1890 Congressional elections.
Overall, the McKinley Tariff Act reflected the era's protectionist sentiment and laid the groundwork for future trade debates in the United States.