AGENCIES OF 1934

Federal Communications Commission: This agency regulates interstate and foreign communications by radio, television, wire and cable. It grants broadcasting licenses, assigns frequencies and monitors broadcasts for compliance with the law. Until 1987, it was responsible for enforcing the Fairness Doctrine, which required political broadcasts to give equal time to opposing viewpoints. (The Reagan Administration killed this policy -- which is why you get three hours of unopposed Rush Limbaugh each morning.)

National Mediation Board: This agency was created to oversee labor-management relations. Its duties include mediating disputes, providing for voluntary arbitration and hearing employee grievances.

Securities and Exchange Commission: This quasi-judicial agency was created to end dishonest and unethical manipulations of the stock market. It bans insider trading, requires full and honest disclosure of all pertinent information on the sales of stocks, and regulates their exchange.

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