The recent developments in the telecommunications industry represent to many the birth of the multimedia world of the future that will make available new interactive services, computer and voice applications, and programming choices. The advancements with wireless technology may also make personal communications services (PCS) a major competitor with the local telephone industry. The ramifications of these developments will depend heavily on the regulatory directions that the government selects. The Author, as Commissioner of the FCC, begins his discussion by analyzing the recent business mergers and the motivations behind them. He then reviews the 1992 Cable Act, suggesting that while attempting to implement reregulation, the Commission, C...