Regulated Carriers Financial Stability Act

Summary

Regulated Carriers Financial Stability Act - Removes those provisions of present law which make the jurisdiction of the Interstate Commerce Commission over the issuance of securities by common carriers by railroad exclusive and plenary. Removes the authorization of such railroad common carriers to issue securities and to assume obligations or liabilities solely in accordance with the provisions of the Interstate Commerce Act, as amended. Places such jurisdiction, and the requirements of security issuance approval, with the Securities and Exchange Commission. Permits the carry-over of accounting methods used by such railroad carriers in compliance with Interstate Commerce Commission regulations in order to meet Securities and Exchange Commission requirements under this Act.

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1 official file

• Introduced in Senate

  summary · EN · 11 April 1974

  Open at official source

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