Jasper Packard: “Mr. Chairman, as an early supporter of efforts to eliminate the Interstate Commerce Commission and to deregulate the…”

“Mr. Chairman, as an early supporter of efforts to eliminate the Interstate Commerce Commission and to deregulate the motor carrier industry, I am committed to eliminating needless regulatory and paperwork burdens on that industry. As we know, last year Congress passed and President Clinton signed into law the Interstate commerce Commission Termination Act, which eliminated virtually all economic regulations to the motor carrier industry. However, I am concerned that one burdensome and costly element of the old regulatory regime remains: the requirement for financial reporting. The original requirement for financial reporting was to facilitate the ICC's statutory obligation to review and approve a motor carrier's rates. That function, rate regulation, no longer exists, and consequently, there is no longer a need to file this data for regulatory purposes. Federal law requires all trucking companies to have insurance or be approved as a self-insurer following a detailed financial review by USDOT. Neither of these provisions would be affected by eliminating financial reporting.”