LYCOS RETRIEVER 
Interstate Commerce Commission: United States
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Unlike, for example, state medical boards (historically administered by the doctors themselves), the seven Interstate Commerce Commissioners and their staffs were full-time regulators who could have no economic ties to the industries they regulated. Post-1887 state and federal agencies adopted this structure. And, like the ICC, later agencies tended to be multi-headed independent commissions with staggered terms for the commissioners. At the federal level, agencies patterned after the ICC included the Federal Trade Commission (1914), the Federal Communications Commission (1934), the U.S. Securities and Exchange Commission (1934), the National Labor Relations Board (1935), the Civil Aeronautics Board (1940), and the Consumer Product Safety Commission (1975). In recent decades, this regulatory structure has gone out of fashion; the agencies created after the 1960s generally have single heads appointed by the President and are housed inside executive Departments (e.g., the Occupational Safety and Health Administration (1970) or the Transportation Security Administration (2002)). The trend is the same at the state level, though it is probably less pronounced.
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The interstate commerce commission issues the interstate commerce commission bond in order to meet the requirements legally. This bond is framed by the government in order to provide protection to the public against the default act. It is a financial guarantee bond and it meets the requirement of the state and federal government.
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In the Mann-Elkins Act of 1910, Congress classified interstate telephone and telegraph operations as common carrier activities and empowered the ICC to regulate their rates. [202] The basis for the legislation, clearly reflected in the legislation history, was Congressional concern about the monopoly characteristics of these telecommunications industries. [203] The advocates of the legislation states:
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