[1] The law approved the "Final System Plan" for the newly created Conrail and authorized acquisition of Northeast Corridor tracks and facilities by Amtrak.
An equally important task facing us now is to extend the principles of reform embodied in this legislation to the aviation and motor carrier industries.
In these industries, we must strive to create a regulatory climate which relies on competitive forces, rather than on inflexible and bureaucratic directives of Federal agencies, to determine which firm will provide the desired transportation services and at what price.
The regulatory provisions had been enacted over several commissioners' objections, and the Commission's implementation of the Act initially had little impact on the way the rail industry functioned.
One of the key changes from the 1976 Act was allowance of secret contracts between carriers and shippers, not limited to large-investment situations and not effectively subject to regulatory review.
According to former Congressional Budget Office analyst Christopher Barnekov, such contracts allowed rail carriers and shippers much to develop more efficient transport arrangements.