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US Policy: 5th Circuit Sends Another Warning Sign for USF (With Red Flares Flashing Elsewhere in DC)
What's new: Next year, the Fifth Circuit will decide a case on the legality of the Universal Service Fund (USF) structure. In the meantime, on Wednesday that court issued an opinion suggesting it may well find the current structure – in which the FCC raises funds for the program, rather than relying on Congressional appropriations – illegal. Other concurrent events in DC suggest that Congress will likely not be able to respond to such a judicial determination quickly and effectively. For investors, this could mean there will be a period of significant uncertainty as to who pays into, and who benefits from, the USF program.
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