A bill to amend the Interstate Commerce Act, to grant additional authority to the Interstate Commerce Commission regarding conglomerate holding companies involving carriers subject to the jurisdiction of the Commission and non-carriers.

Summary

Confers jurisdiction upon the Interstate Commerce Commission to authorize single carrier acquisitions, limited, to the requirement that authorization be obtained for railroads having operating revenues in excess of $5 million annually and all other carriers having operating revenues in excess of $1 million annually. Authorizes the Commission to designate a person not a carrier to be a carrier for purposes of reporting, maintaining accounts and issuing securities. Empowers the Commission to promulgate rules and regulations relating to transactions between affiliated companies and railroads having operating revenues in excess of $5 million annually and other carriers having operating revenues in excess of $1 million annually. Establishes a presumption of control where any person owns 10 percent or more of the voting securities of the carrier. Provides that the Commission may enter such orders including divestiture, whenever it finds that the continued maintenance of control will impair the ability of a carrier to render its services. Requires the recording in the manner prescribed by the Commission, of the beneficial or record ownership by those who hold more than 1 percent of any class of stock of a railroad having operating revenues in excess of $5 million annually, or 5 percent of any other carrier having operating revenues in excess of $4 million annually. Makes technical and conforming amendments to the Interstate Commerce Act. Authorizes the Commission to prescribe the accounts and reports to be rendered by persons controlling, controlled by and under common control with carriers, and by carriers themselves. Permits the inspection of the records of such persons, as well as those of the carriers themselves. Makes it a crime to misappropriate funds by the officials of carriers and persons controlling, controlled by or under common control with such carriers.

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Documents

1 official file

• Introduced in Senate

  summary · EN · 20 September 1973

  Open at official source

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