The Railroad Revitalization and Regulatory Reform Act of 1976, often called the "4R Act," is a United States federal law that established the basic outlines of regulatory reform in the railroad industry and provided transitional operating funds following the 1970 bankruptcy of Penn Central Transportation Company. The law approved the "Final System Plan" for the newly-created Conrail and authorized acquisition of Northeast Corridor tracks and facilities by Amtrak.
The Act was the first in a series of laws which collectively are described as the deregulation of transportation in the United States. It was followed by the Airline Deregulation Act (1978), Staggers Rail Act (1980), and the Motor Carrier Act of 1980.
Read more about Railroad Revitalization And Regulatory Reform Act: Background, Overview of Law, Initial Reaction To The Act
Famous quotes containing the words railroad, reform and/or act:
“People that make puns are like wanton boys that put coppers on the railroad tracks. They amuse themselves and other children but their little trick may upset a freight train of conversation for the sake of a battered witticism.”
—Oliver Wendell Holmes, Sr. (1809–1894)
“Every reform was once a private opinion, and when it shall be a private opinion again, it will solve the problem of the age.”
—Ralph Waldo Emerson (1803–1882)
“but when lust
By unchaste looks, loose gestures, and foul talk,
But most by lewd and lavish act of sin,
Lets in defilement to the inward parts,
The soul grows clotted by contagion,
Imbodies, and imbrutes, till she quite loose
The divine property of her first being.”
—John Milton (1608–1674)