What institution regulates rates that carriers charge in the U.S.?

The Interstate Commerce Commission (ICC) was established to regulate the railroad industry and later expanded its jurisdiction to oversee the rates charged by freight carriers involved in interstate commerce. Although the ICC has undergone significant changes, including its dissolution in 1995, the historical context of its role remains foundational in understanding transportation regulation in the U.S.

The ICC's primary responsibility was to ensure that freight rates were fair and reasonable, preventing excessive pricing that could exploit consumers or distort competition in the transportation industry. This regulation included oversight of pricing, ensuring that carriers did not engage in discriminatory practices and that their tariffs were published and adhered to.

While other institutions listed, such as the Department of Transportation, play crucial roles in transportation safety and planning, their functions do not primarily involve rate regulation for carriers in the same way that the ICC did. The Federal Reserve focuses on monetary policy, and the Environmental Protection Agency centers on environmental protection and regulation, which are unrelated to the specific economic facets of carrier rates.