The Railroad Revitalization and Regulatory Reform Act of 1976

After the popular Penn Central Transportation Company filed for bankruptcy, alongside other railroads, this reform established mass deregulation to provide funding to failing transportation industries. It was the first deregulation law in America for transportation followed shortly by more specific deregulations for airlines (Airline Deregulation Act of 1978) railroads (Staggers Rail Act of 1980) and all truckers (Motor Carrier Act of 1980).