Railroad Service Protection Act of 1982

Summary

Railroad Service Protection Act of 1982 - Amends the Interstate Commerce Act to authorize the Interstate Commerce Commission (ICC) to: (1) order the cessation or rescission of securities transactions of controlled rail carriers that are not in the public interest; and (2) order actions as necessary, including divestiture of control, for such carriers whose service to the public is impaired or threatened. Repeals the authority of the ICC to regulate acquisition of control of certain carriers by a person that is not a carrier. Allows such transactions, also without ICC authorization, where the only parties are certain rail carriers whose aggregate gross revenues during a recent 12-month period did not exceed $10,000,000. Requires ICC authorization and approval when one rail carrier party to the transaction is controlled by, or is under common control with, a class I railroad.

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1 official file

• Introduced in House

  summary · EN · 4 August 1982

  Open at official source

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