What was the main importance of the government's establishment of the Interstate Commerce Commission?

Question

Quizplus · Accepted Answer

The establishment of the ICC in 1887 marked the first time the federal government regulated private industry in the interest of the public. It was specifically created to regulate the railroad industry, which was seen as being monopolistic and unfair to farmers and consumers. The ICC was given the power to investigate and regulate rates, practices, and services of railroads engaging in interstate commerce. This laid the foundation for other federal regulatory bodies that would follow, such as the Federal Trade Commission and the Securities and Exchange Commission.

What Was the Main Importance of the Government's Establishment of the Interstate