A bill to amend title 49 of the United States Code to authorize the Interstate Commerce Commission to order actions which ensure the financial vitality of railroads managed or otherwise controlled by another entity, and for other purposes.
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.
Introduced in House
Introduced in House
Referred to House Committee on Energy and Commerce.
Referred to Subcommittee on Commerce, Transportation and Tourism.
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