Hon. Michael G. Oxley: “I want to today applaud yesterday's spectrum auction conducted by the Federal Communications Commission. The broadband…”

“I want to today applaud yesterday's spectrum auction conducted by the Federal Communications Commission. The broadband auction for personal communications services resulted in bids of more than $7 billion, that is 7 with a ``B'', billion dollars, exceeding all previous estimates. Pioneer preference licenses to companies using new innovative technologies resulted in bids of over $700 million. As many as 300,000 new jobs will be created as a result of these auctions. They have been more than successful than I ever dreamed when I first introduced this concept a few years ago in that auction revenues now will approach an impressive $9 billion. This is $9 billion that will go to the Treasury. Rarely do we see an idea whose time has not only come but has produced the kind of revenue to the taxpayers that this particular provision has. Our full Committee on Commerce tomorrow will consider legislation to extend the FCC's auction authority by the year 2000.”