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Article: ICC Termination Act of 1995

Article from:
The Secured Lender
Article date:
July 1, 1996
Author:
Copyright

On December 29, 1995, President Clinton signed the ICC Termination Act of 1995, which became effective on January 1, 1996. ICC Termination Act of 1995, P.L. No. 104-88, sec 2, 109 Stat. 803 (1995) ("Act"). Pursuant to the Act, the Interstate Commerce Commission ("ICC") was abolished and an independent three-member Surface Transportation Board ("STB") was established within the federal Department of Transportation. Act secs 101 and 201-205; 61 Fed. Reg. 1842 (Jan. 24, 1996). The STB now performs a number of functions previously performed by the ICC, including the ICC's former function as the central point of recordation of security interests and other financial instruments affecting railroad ...

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