The Interstate Commerce Act was enacted in 1887 to regulate the railroad industry and its monopolistic practices. It aimed to ensure fair rates and eliminate discriminatory practices by requiring railroads to publish their rates and adhere to them. The act established the Interstate Commerce Commission (ICC), the first federal agency to oversee and enforce these regulations. The act marked a significant step in the federal government's role in regulating private industry. It set a precedent for future legislation aimed at controlling monopolies and protecting consumers, influencing later laws related to other industries, such as telecommunications and transportation.