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, and for other purposes.

[AI summary unavailable — showing source text] Makes it lawful, under the Interstate Commerce Act, for any person who is not a carrier, or two such persons acting jointly, with the approval of the Interstate Commerce Commission, to acquire control through ownership of its stock or otherwise of any class I railroad or motor carrier or class A water carrier or freight forwarder. Requires the approval of the Commission before any class I railroad or motor carrier or class A water carrier or freight forwarder may participate in monetary transfers or other financial transactions with other carriers. States that the Commission shall disapprove any such transaction where it finds that it may result in impairment of the operations of the carrier or its ability to respond to the needs of the public. Stipulates that persons owning more than one percent of any class I railroad or five percent of any class I motor carrier or class A water carrier on freight forwarder must submit periodically to the Commission a description of such ownership and the amount thereof. Authorizes the Commission to require submission of reports describing the affairs of the carrier, persons controlling, controlled by, or under common control with such carrier, l…