Advanced English Dialogue for Business – Interstate commerce commission

Listen to a Business English Dialogue About Interstate commerce commission

Avery: Hey Audrey, have you ever heard of the Interstate Commerce Commission (ICC) in business and finance?

Audrey: No, I haven’t. What is it?

Avery: The ICC was a regulatory agency in the United States that regulated interstate transportation and commerce, particularly railroads, during the late 19th and early 20th centuries.

Audrey: That’s interesting. What was the role of the ICC in regulating interstate commerce?

Avery: The ICC’s main role was to ensure fair rates, prevent discrimination, and oversee safety standards in the transportation of goods and passengers across state lines.

Audrey: Did the ICC have any significant impact on the development of interstate commerce in the United States?

Avery: Yes, the ICC played a crucial role in shaping the modern transportation industry by establishing regulations that promoted competition and prevented monopolistic practices.

Audrey: I see. What led to the eventual dissolution of the ICC?

Avery: The ICC’s regulatory powers gradually declined over the years due to changes in transportation technology and the passage of legislation that transferred its functions to other government agencies.

Audrey: That makes sense. Thanks for explaining, Avery. The ICC sounds like it played a vital role in shaping interstate commerce in the US.

Avery: You’re welcome, Audrey. Yes, it was a significant regulatory body during its time.