Local Exchange Infrastructure Modernization Act of 1992

Local Exchange Infrastructure Modernization Act of 1992 - Amends the Communications Act of 1934 to require the Federal Communications Commission (FCC) to exercise its authority to: (1) preserve and enhance universal telephone service at reasonable rates; (2) achieve universal availability of advanced network capabilities and information services; (3) assure a seamless nationwide distribution network through joint network planning, coordination, and service arrangements between and among local exchange carriers (LECs); (4) maintain high standards of quality for advanced network services; and (5) assure adequate communication for the public health, safety, defense, education, national security, and emergency preparedness.

Defines "local exchange carrier" for purposes of such Act as a carrier that: (1) is required to provide upon request, under tariff or subject to other government oversight (by the FCC or a State commission), interstate and intrastate access services and telephone exchange service; (2) is, or was, a participant in one or more interstate pools established by the FCC, or would have been required to participate in one or more such pools had the carrier been engaged in interstate and intrastate access and telephone exchange service while such participation was mandatory; (3) is subject to the requirements imposed by the FCC or a State commission related to the provision of equal access; and (4) conforms with the provisions of the North American Numbering Plan applicable to the assignment of numbering resources for telephone exchange service, as defined by the Plan's Administrator.

Requires the FCC to prescribe regulations that require: (1) joint coordinated network planning, design, and cooperative implementation among all LECs in the provision of public switched network infrastructure and services; (2) development of standards for interconnection between the LEC public switched network and others by appropriate standard-setting bodies; and (3) a LEC to share public switched network infrastructure and functionality with requesting LECs which serve a geographic area for which they lack economies of scale or scope for the particular required network functionality.

Specifies that: (1) no LEC shall be prohibited from transporting or processing signalling and information for another LEC in adjoining or reasonably proximate serving areas upon request of that LEC to the same extent that the providing LEC is permitted to engage in such activities for itself; (2) nothing in such Act shall be construed to alter, limit, or supersede the authority of any State with respect to the regulation of intrastate communication service; and (3) nothing contained in Federal or State antitrust law shall render unlawful any action taken by a LEC or any individual or concerted action taken such as lobbying before the Congress, the FCC, or communicating by any means with other LECs, by any LEC, or its directors, officers, agents, employees, affiliates, subsidiaries, joint ventures, counsel, or other persons purporting to act on behalf of such carrier.