Question

This was a law created in 1887 to regulate railroads to ensure fair rates

Answer 1

Answer:

Interstate Commerce Act of 1887 .

Explanation:

Interstate Commerce Act of 1887 was passed by the Congress to regulate and maintain the railroad industry. With growing practices of monopoly by railway corporations in the 19th century, the need to institute an act that would maintain and regulate railway prices and enhance railway competition became inevitable.

Therefore, Interstate Commerce Act of 1887 was passed to regulate railroads to ensure fair rates and reduce monopolistic control of railways by wealthy corporations.

The Interstate Commerce Act of 1887, therefore, established a federal regulatory body called 'the Interstate Commerce Commission (ICC)' to monitor and ensure railroads to comply with the new regulations. This act also eventually led to the establishment of many other regulations in the transportation system and commerce in the country.