Railroad Deregulation Act of 1979

[AI summary unavailable — showing source text] Railroad Deregulation Act of 1979 - Directs the Interstate Commerce Commission, in matters pertaining to railroads, to consider the following as being in the public interest: (1) maximum reliance on competitive market forces; (2) avoidance of undue concentrations of market power; (3) reductions of regulatory barriers for entry to, or exit from, the industry; (4) maintenance of fair wages and working conditions; and (5) the development of a transportation system which is responsive to the needs of the public and in which decisions are reached fairly and expeditiously. Removes rail carriers from the general ratemaking provisions of the Interstate Commerce Act. Establishes new rail rate regulations under which rail carriers may set their own rates and services subject to specified conditions contained in this Act. Authorizes rail carriers to enter into contracts with purchasers of rail services regarding rates and services which are not subject to maximum or minimum rate regulations. Stipulates that between January 1, 1980, and December 31, 1984, rail carriers may raise their rates by seven percent annually, in constant 1980 dollars, without interference by the Interstate Commerce Com…