The STB has broad economic regulatory oversight of railroads, including rates, service, the construction, acquisition and abandonment of rail lines, carrier mergers and interchange of traffic among carriers. The STB also has oversight of pipeline carriers, intercity bus carriers, moving van companies, trucking companies involved in collective activities and water carriers engaged in non-contiguous domestic trade. The Board has wide discretion, through its exemption authority from federal, state and local laws, to tailor its regulatory activities to meet the nation's changing transportation needs.