[Federal Register Volume 62, Number 23 (Tuesday, February 4, 1997)]
[Rules and Regulations]
[Page 5171]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-2547]
[[Page 5171]]
-----------------------------------------------------------------------
DEPARTMENT OF TRANSPORTATION
49 CFR Part 1186
[STB Ex Parte No. 553]
Removal of Obsolete Regulations Concerning Exemption of Motor
Carrier of Property Finance Transactions
AGENCY: Surface Transportation Board, Transportation.
ACTION: Final rule.
-----------------------------------------------------------------------
SUMMARY: The Surface Transportation Board (the Board) is removing from
the Code of Federal Regulations obsolete regulations concerning
exemption of finance transactions between motor carriers of property
and between such carriers and noncarriers.
EFFECTIVE DATE: March 6, 1997.
FOR FURTHER INFORMATION CONTACT: Beryl Gordon, (202) 927-5660. [TDD for
the hearing impaired: (202) 927-5721.]
SUPPLEMENTARY INFORMATION: Effective January 1, 1996, the ICC
Termination Act of 1995, Public Law No. 104-88, 109 Stat. 803 (ICCTA),
abolished the Interstate Commerce Commission (ICC) and established the
Board within the Department of Transportation. Section 204(a) of the
ICCTA provides that ``[t]he Board shall promptly rescind all
regulations established by the [ICC] that are based on provisions of
law repealed and not substantively reenacted by this Act.''
Prior to January 1, 1996, former 49 U.S.C. 11343 provided that
certain rail, motor, and water carrier finance transactions, including
those related to mergers, purchases, and acquisitions of control, could
not be carried out without prior ICC approval. However, under former 49
U.S.C. 11343(e), the ICC could exempt from regulation certain
individual financial transactions involving motor carriers of property.
Regulations implementing this exemption provision are found at 49 CFR
1186. 1
---------------------------------------------------------------------------
\1\ These rules were originally promulgated in Exemption of
Certain Transactions Under 49 U.S.C. 11343, 133 M.C.C. 449 (1984).
---------------------------------------------------------------------------
Under the ICCTA, portions of section 11343, including the exemption
provision of 49 U.S.C. 11343(e), have been repealed. Accordingly, we
will eliminate the exemption regulations at 49 CFR part 1186.
We also note that new 49 U.S.C. 14303 is the only remaining
statutory provision analogous to the non-rail portions of former 49
U.S.C. 11343. Under section 14303, motor carriers of passengers must
still obtain Board approval for the same transactions that formerly
were subject to former 49 U.S.C. 11343, unless the parties' aggregate
gross operating revenues do not exceed $2 million. 2
---------------------------------------------------------------------------
\2\ Regulatory approval, formally required under former 49
U.S.C. 10926, is no longer needed when the parties' aggregate gross
operating revenues do not exceed the $2 million threshold.
---------------------------------------------------------------------------
Currently, our regulations at 49 CFR part 1182 govern the purchase,
merger, or acquisition of control of motor passenger and water
carriers. In a separate proceeding instituted shortly, we will remove
the regulations for water carriers in part 1182 (49 U.S.C. 14303(g)
applies only to motor passenger carriers) and make appropriate
modifications to the portions of 49 CFR part 1182 dealing with motor
passenger carriers.
This action will not significantly affect either the quality of the
human environment or the conservation of energy resources.
List of Subjects in 49 CFR Part 1186
Administrative practice and procedure, Freight Forwarders, Motor
carriers.
Decided: January 24, 1997.
By the Board, Chairman Morgan and Vice Chairman Owen.
Vernon A. Williams,
Secretary.
PART 1186--[REMOVED]
For the reasons set forth in the preamble and under the authority
of 49 U.S.C. 721(a), title 49, chapter X of the Code of Federal
Regulations is amended by removing part 1186.
[FR Doc. 97-2547 Filed 2-3-97; 8:45 am]
BILLING CODE 4915-00-P