financetom
Technology
financetom
/
Technology
/
AT&T wants Big Tech firms to pay into telecom and broadband subsidy fund
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
AT&T wants Big Tech firms to pay into telecom and broadband subsidy fund
Jun 24, 2024 1:30 PM

WASHINGTON, June 24 (Reuters) - AT&T ( T ) CEO John

Stankey said on Monday that Congress should give the Federal

Communications Commission the power to require Big Tech firms to

contribute to a government fund that subsidizes access to

telecom and broadband services.

Under current law, fees are levied on cell phone and

landline service subscribers to support the Universal Service

Fund, which spends about $8 billion a year - nearly all

collected from surcharges on telephone bills.

"The seven largest and most profitable companies in the

world built their franchises on the internet and the

infrastructure we provide," Stankey said in remarks at a telecom

industry forum in Utah.

"Why shouldn't they participate in ensuring affordable and

equitable access to the services of today that are just as

indispensable as the phone lines of yesteryear?"

The issue has taken on new urgency since a government

broadband internet subsidy program used by 23 million households

ran out of money in May and shut down after the White House

unsuccessfully urged Congress to dedicate another $6 billion.

Since 2020, Congress had allocated a total of $17

billion to help lower-income families and people impacted by

COVID get free or low-cost internet.

The Universal Service Fund provides funding to help

low-income consumers, schools, libraries and rural health care

providers to get access to telephone or broadband internet

service.

There are several proposals in Congress to require tech

companies and broadband providers to contribute to the fund.

Facebook's parent, Meta, and Google

did not immediately comment.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Deep Dive Into Advanced Micro Devices Stock: Analyst Perspectives (15 Ratings)
Deep Dive Into Advanced Micro Devices Stock: Analyst Perspectives (15 Ratings)
Nov 3, 2024
Analysts' ratings for Advanced Micro Devices ( AMD ) over the last quarter vary from bullish to bearish, as provided by 15 analysts. The following table summarizes their recent ratings, shedding light on the changing sentiments within the past 30 days and comparing them to the preceding months. Bullish Somewhat Bullish Indifferent Somewhat Bearish Bearish Total Ratings 5 8 2...
An Overview of Xerox Holdings's Earnings
An Overview of Xerox Holdings's Earnings
Nov 3, 2024
Xerox Holdings ( XRX ) is set to give its latest quarterly earnings report on Tuesday, 2024-10-29. Here's what investors need to know before the announcement. Analysts estimate that Xerox Holdings ( XRX ) will report an earnings per share (EPS) of $0.54. The announcement from Xerox Holdings ( XRX ) is eagerly anticipated, with investors seeking news of surpassing...
Mexico raises concerns about US plan to bar Chinese vehicle software, hardware
Mexico raises concerns about US plan to bar Chinese vehicle software, hardware
Nov 3, 2024
WASHINGTON (Reuters) - The Mexican government on Monday raised concerns about the Biden administration's proposal to prohibit key Chinese software and hardware in connected vehicles on American roads due to national security concerns. Mexico's economy ministry said in a filing with the U.S. Commerce Department the proposal could have a substantial impact on Mexico's automotive industry. Economically, it poses potential...
What's Next: Perfect's Earnings Preview
What's Next: Perfect's Earnings Preview
Nov 3, 2024
Perfect is set to give its latest quarterly earnings report on Tuesday, 2024-10-29. Here's what investors need to know before the announcement. Analysts estimate that Perfect will report an earnings per share (EPS) of $0.03. The announcement from Perfect is eagerly anticipated, with investors seeking news of surpassing estimates and favorable guidance for the next quarter. It's worth noting for...
Copyright 2023-2026 - www.financetom.com All Rights Reserved