Bill > S2319

This bill amends the Communications Act of 1934 to change how the Federal Communications Commission (FCC), the government agency that regulates communications, handles deposits made by companies bidding for spectrum licenses, which are essentially rights to use radio frequencies for things like mobile phone service. Instead of placing these deposits in an interest-bearing account at a bank, the bill requires them to be deposited directly into the U.S. Treasury. It also removes a previous requirement that any interest earned on these bank accounts be used solely for reducing the national debt. Under the new rules, deposits from successful bidders will go into the Treasury's general fund, unless specific exceptions apply, while deposits from unsuccessful bidders will be returned to them.