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Telecommunications Development Fund

Telecommunications Development Fund

The Act establishes the Telecommunications Development Fund to:

Promote access to capital for small businesses in order to enhance competition in the telecommunications industry; Stimulate new technology development, to promote employment and training; Support universal service and promote telecommunications services to underserved rural and urban areas.

The Fund is directed to:

Make loans, investments, or other extensions of credit and provide financial advice to eligible small businesses. Prepare research, studies, or financial analyses.

The board of directors of this fund will consist of seven members appointed by the FCC Chairman. Four directors will represent the private sector, one the FCC, one the Small Business Administration, and one the Department of the Treasury. The Act instructs that they have experience with finance, investment banking, government banking, communications law and administrative practice, and public policy.

On March 8, 1996, Chairman Hundt announced the appointment of Solomon Trujillo, president and chief executive officer of US WEST Communications Group, as interim chairman of the Telecommunications Development Fund. The fund, which already has accumulated a great deal of money from recent spectrum auctions, can take no action until the other board members are named.

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Last updated: 16 December 1996 ha