Page:United States Statutes at Large Volume 96 Part 1.djvu/1129

 PUBLIC LAW 97-259—SEPT. 13, 1982

96 STAT. 1087

Public Law 97-259 97th Congress An Act To amend the Communications Act of 1934, and for other purposes.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, TITLE I—COMMUNICATIONS AMENDMENTS SHORT TITLE

101. This title may be cited as the 'Communications Amendments Act of 1982". SECTION.

Sept. 13, 1982 [H.R. 3239] Communications Act of 1934, amendment. Communications Amendments Act of 1982.

47 USC 609 note.

FINANCIAL INTERESTS OF MEMBERS AND EMPLOYEES OF FEDERAL COMMUNICATIONS COMMISSION

SEC. 102. Section 4(b) of the Communications Act of 1934 (47 U.S.C. 154(b)) is amended to read as follows: "(b)(l) Each member of the Commission shall be a citizen of the United States. "(2)(A) No member of the Commission or person employed by the Prohibitions. Commission shall— "(i) be financially interested in any company or other entity engaged in the manufacture or sale of telecommunications equipment which is subject to regulation by the Commission; "(ii) be financially interested in any company or other entity engaged in the business of communication by wire or radio or in the use of the electromagnetic spectrum; "(iii) be financially interested in any company or other entity which controls any company or other entity specified in clause (i) or clause (ii), or which derives a significant portion of its total income from ownership of stocks, bonds, or other securities of any such company or other entity; or "(iv) be employed by, hold any official relation to, or own any stocks, bonds, or other securities of, any person significantly regulated by the Commission under this Act; except that the prohibitions established in this subparagraph shall apply only to financial interests in any company or other entity which has a significant interest in communications, manufacturing, or sales activities which are subject to regulation by the Commission. "(B)(i) The Commission shall have authority to waive, from time to Waiver time, the application of the prohibitions established in subpara- authority. graph (A) to persons employed by the Commission if the Commission determines that the financial interests of a person which are involved in a particular case are minimal, except that such waiver authority shall be subject to the provisions of section 208 of title 18, United States Code. The waiver authority established in this subparagraph shall not apply with respect to members of the Commission.

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