what was the importance of the interstate commerce commission?
Approved on February 4, 1887, the Interstate Commerce Act created an Interstate Commerce Commission to oversee the conduct of the railroad industry. With this act, the railroads became the first industry subject to Federal regulation. In 1887 Congress passed the Interstate Commerce Act, making the railroads the first industry subject to Federal regulation. Congress passed the law largely in response to public demand that railroad operations be regulated. The act also established a five-member enforcement board known as the Interstate Commerce Commission. In the years following the Civil War, railroads were privately owned and entirely unregulated. The railroad companies held a natural monopoly in the areas that only they serviced.
The government then created the Interstate commerce Act, which would prevent these railroad companies to stop gorging the prices and make all prices fair. Also, railroad companies had to come up with a fair and standard price to travel on trains. The prices also had to be visible to the paying customers. To make sure that those standards were being followed, the government came up with the I.C.C. or Interstate Commerce Commission.