Which regulatory body was established to oversee railroad prices as a result of the Elkin's Act and Hepburn Act?

The correct answer is the Interstate Commerce Commission (ICC), which was established to oversee railroad prices and ensure fair rates for consumers and businesses. The Elkins Act of 1903 and the Hepburn Act of 1906 were significant legislative measures aimed at curbing monopolistic practices by railroads, particularly concerning the pricing of freight and passenger services.

The Elkins Act prohibited discriminatory practices by railroads, such as the practice of offering rebates to favored customers, and aimed to ensure that all customers were charged the same rates for shipping. Building on this, the Hepburn Act strengthened the ICC's authority by giving it the power to set maximum railroad rates and extend its jurisdiction over more kinds of businesses.

This regulatory body played a crucial role in the Progressive Era, as it represented a growing understanding of the need for government intervention in the economy to protect the public interest against corporate abuses. The ICC laid the groundwork for future regulatory practices across various industries, emphasizing the government's role in regulating commerce and ensuring fair business practices.