Willis Graham Act
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The Willis Graham Act of 1921 effectively established telephone companies as natural monopolies, citing that "there is nothing to be gained by local competition in the telephone industry."[1] The law effectively released AT&T from terms of its Kingsbury Commitment, allowing the company to acquire competing telephone companies under the oversight of the Interstate Commerce Commission (ICC).[2] It was enacted by the 67th United States Congress and signed into law by President Warren G. Harding on June 10, 1921.[3][4]