Melvin Watt: “I think we do need to increase the level of competition in the telecommunications industry, and this bill heads us in…”

“I think we do need to increase the level of competition in the telecommunications industry, and this bill heads us in that direction. But there are also some very troubling things about this bill, and I am really having a hard time balancing those troubling aspects against the benefits of the bill. Would it be irresponsible of me to vote to give away the capital of the United States of America? That is in essence one of the things this bill does. The 70 billion dollars' worth of assets that the United States Government now owns is being given away to the richest people and industry in America under this bill. That is the spectrum value, I am told. So I am troubled, deeply troubled, by the notion that we could at the same time that we are taking $70, $100, $200 billion away from the poorest people in this country, be turning around, on the other hand, and giving away $70 billion of our assets. I am troubled by that. I hope I can get some guidance before the vote.”