Business Glossary

government administrative agency, established as a result of the Communications Act of 1934, that assigns wavelengths to radio and television stations, issues (and renews) licenses to radio and television stations, and regulates the broadcasting industry, including television, radio, telephone, and telegraphy. The commission reports directly to Congress and is composed of seven commissioners appointed by the president with Senate approval. Each commissioner serves a seven-year term, and no more than four commissioners may be from the same political party at any given time.