Section 1 Short title
This Act may be cited as the “Spectrum Auction Deposits Act of 2017”.
Spectrum Auction Deposits Act of 2017
A BILL
To amend the Communications Act of 1934 to provide for the deposits of bidders in auctions of spectrum frequencies to be deposited in the Treasury.
Sec. 2 Deposits of bidders in auctions of spectrum frequencies to be deposited in Treasury
In general— Section 309(j)(8)(C) of the Communications Act of 1934 (47 U.S.C. 309(j)(8)(C)) is amended—
in the first sentence, by striking “an interest bearing account” and all that follows and inserting “the Treasury.”;
in clause (i)—
by striking “paid to the Treasury” and inserting “deposited in the general fund of the Treasury (where such deposits shall be used for the sole purpose of deficit reduction)”; and
by striking the semicolon and inserting “; and”;
in clause (ii), by striking “; and” and inserting “, and payments representing the return of such deposits shall not be subject to administrative offset under section 3716(c) of title 31, United States Code.”; and
by striking clause (iii).
Effective date— The amendments made by this section shall take effect on October 1, 2018.