Spectrum Accountability Act - Amends the Communications Act of 1934 to clarify that the Federal Communications Commission is obligated to use the competitive bidding process for mutually exclusive license applications (subject to existing exceptions) and to accept such applications if granting a license would result in the licensee: (1) being authorized to use a materially greater quantity or value of spectrum; or (2) effectively exchanging a previously held license for one that materially alters rights or obligations under the prior license or permits the licensee to provide additional services.