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Price controls
[[File:InterstateCommerceCommission-Seal.png|Right|150px|thumb|Seal of the Interstate Commerce Commission]]
[[File:InterstateCommerceCommission-Seal.png|Right|150px|thumb|Seal of the Interstate Commerce Commission]]
The '''Hepburn Act''' enacted by Congress in June 1906, gave the [[Interstate Commerce Commission]] (ICC) the power to set maximum railroad rates and led to the discontinuation of free passes to loyal shippers. In addition, the ICC could view the railroads' financial records, a task simplified by standardized bookkeeping systems. For any railroad that resisted, the ICC's conditions would remain in effect until the outcome of litigation said otherwise. By the Hepburn Act, the ICC's authority was extended to cover bridges, terminals, ferries, sleeping cars, express companies and oil pipelines.
The '''Hepburn Act''' enacted by Congress in June 1906, gave the [[Interstate Commerce Commission]] (ICC) the power to set maximum railroad rates through [[Price controls]], and led to the discontinuation of free passes to loyal shippers. In addition, the ICC could view the railroads' financial records, a task simplified by standardized bookkeeping systems. For any railroad that resisted, the ICC's conditions would remain in effect until the outcome of litigation said otherwise. By the Hepburn Act, the ICC's authority was extended to cover bridges, terminals, ferries, sleeping cars, express companies and oil pipelines.
Along with the [[Elkins Act]] of 1903, the Hepburn Act was a major part of one of President [[Theodore Roosevelt]]'s key goals: railroad regulation.
Along with the [[Elkins Act]] of 1903, the Hepburn Act was a major part of one of President [[Theodore Roosevelt]]'s key goals: railroad regulation.