Interstate Commerce Commission Sunset Act of 1988

Interstate Commerce Commission Sunset Act of 1988 - Amends the Interstate Commerce Act to terminate, as of October 1, 1990, the Interstate Commerce Commission (ICC) as an independent executive agency of the U.S. Government.

Transfers to the Secretary of Transportation the functions, powers, and duties of the ICC relating to the regulation of rail transportation and to certain other surface transportation regulation.

Prohibits any State or its political subdivison or any interstate or other political agency of two or more States from enacting or enforcing any law, rule, or standard relating to interstate or intrastate rates, routes, or services of motor carriers, motor private carriers, water carriers, freight forwarders, or transportation brokers.

Authorizes the President to take certain action upon a determination that the government of a contiguous foreign country has engaged in unfair, discriminatory, or restrictive practices having a substantial adverse competitive impact upon certain U.S. transportation companies.

Requires the Secretary of Transportation to submit to the Congress, two years from the effective date of this Act, a status report and evaluation concerning the implementation of the National Governors' Association Consensus Agenda on standards for uniform State regulation of interstate motor carriers.

Transfers to the Federal Trade Commission (FTC) jurisdiction over certain regulation of motor carriers, water carriers, freight forwarders, and railroad passenger carriers. Grants to the FTC the exclusive power to enforce certain regulations governing the transport of household goods. Requires the FTC, within 120 days of this Act's enactment, to review and revise such regulations to eliminate unnecessary regulation and to ensure that shippers of household goods receive adequate protection in their dealings with carriers. Identifies the administrative procedure to govern such FTC rulemaking, including provisions for judicial review. Requires such rule review and revision to be completed within one year following its initiation. Requires that all U.S. departments and agencies conform their rules to those finally promulgated by the FTC within one year after such promulgation.

Repeals statutory limitations on purchases by common carriers in cases of interlocking directorates.