Bob Kerrey: “This amendment deals with FCC auctions of spectrum. They had an action about a month ago where they auctioned off…”

“This amendment deals with FCC auctions of spectrum. They had an action about a month ago where they auctioned off spectrum for about a dollar. Some of these spectrums went for that. This amendment establishes that the FCC shall have a floor, and the suggestion was that we modify it. I ask unanimous consent that this amendment be modified to allow the FCC to establish a floor, unless it is in the national interest not to. In any auction conducted or supervised by the Federal Communications Commission (hereinafter the Commission) for any license, permit or right which has value, a reasonable reserve price shall be set by the Commission for each unit in the auction, unless the Commission determines it not to be in the public interest. The reserve price shall establish a minimum bid for the unit to be auctioned. If no bid is received above the reserve price for a unit, the unit shall be retained. The Commission shall re-assess the reserve price for that unit and place the unit in the next scheduled or next appropriate auction.”