We (AMers) were taken to the cleaners and lost whatever advantage there was to a 1KW output on AM. This rule change was before my time as an AMer. Somebody knew the math concerning an AM signal and used it against us. We are at a 6dB DISadvantage compared to SSB.
SHOOT

I think I'll move to Canada and get a Ham ticket there!! I think they are still allowed 1KW out.............to HECK with this P.E.P. stuff
Canadian hams are allowed 1 kw DC input on AM or its equivalent, 750 w carrier output. But there is a 3 dB clause that has been interpreted two ways. One is that the transmitter may be
capable of running up to 3 dB beyond the legal power limit. The other is that the power output can be kept within 3 dB of the nominal limit and still be considere legal. Fred Hammond, VE3HC (now SK), used to interpret it as the latter, and run 1500 watts fully modulated AM carrier output with his converted broadcast transmitter.
It was Johnny Johnston (now retired) who used be in charge of the rulemaking division of the Private Radio Bureau at the FCC (the section of the agency that was in charge of amateur rulemaking) who ramrodded the present power limit through, using every deceptive tactic imaginable, and when petitions for reconsideration were submitted, he skillfully sidestepped the objections and addressed bogus issues, even to the point of blaming K1MAN.
I have a paper file of FCC documents, news items and submitted comments on the power limit issue that is several inches thick.
But theoretically, the pep limit hurts slopbucket almost as much as it does AM, assuming that the slopbucket station is operated cleanly and properly, without driving the final into saturation on voice peaks. So which is the greater violation, an AM'er stretching the limit reached on occasional voice peaks, or 80% of the slopbucketeers running high power, who keep their peaks within the legal limit by clipping and flat-topping as they overdrive their leenyars?