Government regulation

Government regulation, government supervision of industry to protect the interests of individuals and society as a whole. Federal, state, and local agencies regulate, oversee, and control prices, health and safety measures, and quality of service. U.S. regulation of the railroads began in 1887 with the establishment of the Interstate Commerce Commission (ICC). Under President Roosevelt's economic recovery plan of the 1930s, the federal government established such regulatory agencies of the Federal Communications Commission (FCC) and the Securities and Exchange Commission (SEC). In the 1970s the Environmental Protection Agency (EPA) and the Occupational Safety and Health Administration (OSHA) were established with a much narrower regulatory focus.