A bill to amend the Interstate Commerce Act, to grant additional authority to the Interstate Commerce Commission regarding conglomerate holding companies involving carriers subject to the jurisdiction of the Commission and noncarriers.

[AI summary unavailable — showing source text] Amends the Interstate Commerce Act to authorize persons who are not common carriers to acquire control of class I railroad or motor carriers, class A water carriers, or freight forwarders with the approval of the Interstate Commerce Commission. Declares any such person a common carrier subject to specified provisions of such Act. Directs the Commission to approve the issuance of securities or the assumption of liabilities by such a carrier if it finds that such actions would not affect the activities of any other carrier under the control of such person or, if it would affect such activities such actions would be consistent with the proper performance of each carrier under such person's control. Authorizes the issuance of such securities or assumption of liabilities without Commission approval if the Commission fails to act on the application for approval of such activities within a specified time period. Requires such carriers to file with the Commission an application for approval of any proposed financial transactions between such a carrier and any other person who is either controlling, controlled by, or under common control with such carrier or anyone who is an affiliate with …