(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)
(Sec. 1) This bill amends the Communications Act of 1934 to require any deposits that the Federal Communications Commission may require for the qualification of bidders in a system of competitive bidding for spectrum licenses to be deposited directly in the Treasury instead of in an interest bearing account at a financial institution. The bill removes a provision that requires the interest accrued to such a financial institution account to be dedicated for the sole purpose of deficit reduction.
The deposits of successful bidders must be credited to the deposit fund of the Treasury, unless existing exceptions apply.