Ex-FCC Comr. Harold Furchtgott-Roth criticized Commission Mon. fo...
Ex-FCC Comr. Harold Furchtgott-Roth criticized Commission Mon. for not returning $3.3 billion in deposits that wireless companies such as Verizon Wireless paid for spectrum that was returned to its original owner, NextWave. Furchtgott-Roth said agency might have conflict of…
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interest in retaining that money because interest was being paid to Telecom Development Fund, organization created by Telecom Act with board appointed by FCC. Fund gives financial help to start-up businesses using money from interest earned while auction monies, such as upfront payments, are being held by agency. Interest from NextWave deposits amounts to at least $100 million per year, assuming very low interest rate of 3%, he said. Furchtgott-Roth said there was nothing wrong with fund but it was questionable for FCC to deliberately hold onto that money, particularly since U.S. Supreme Court review of NextWave auction could delay resolution for at least year: “I don’t think there’s any doubt that [deposits] have to be returned.”