Telephone Rate Verification Act of 1989

Telephone Rate Verification Act of 1989 - Directs the Federal Communications Commission, between July 1, 1989, and July 1, 1990, to require each dominant carrier of interstate telephone services to submit, no later than 30 days after filing a tariff proposing any modification of any interstate telephone rate or charge, all data, reports, studies, and information necessary to determine whether an interstate telephone rate or charge of a dominant carrier complies with the requirements of the Communications Act of 1934, using the rate-of-return methodology and the price-cap methodology. Defines the rate-of-return methodology as the methods and standards used by the Commission as in effect on January 1, 1984, for determining the compliance of telephone rates or charges with such Act. Defines the price-cap methodology as the methods and standards used by the Commission on or after July 1, 1989, to determine the compliance of such charges with such Act. Requires all collected information to be open to public inspection, with a reasonable opportunity for interested parties to comment.

Directs the Commission to report to the Congress semiannually during 1990 concerning all such information. Directs the Comptroller General to analyze such information and report to the Congress. Requires the Comptroller General to promptly notify the Commission of any information required to be collected which has not been collected.