To repeal the restrictions on foreign ownership of licensed telecommunications facilities.

Amends the Communications Act of 1934 to repeal a provision which prohibits the granting of certain telecommunications licenses to: (1) an alien or a representative of an alien; (2) a foreign corporation; (3) a corporation of which an officer or director is an alien or more than one-fifth of the capital stock of which is owned or voted by aliens or by a foreign government or corporation; or (4) a corporation directly or indirectly controlled by another corporation of which any officer or more than one-fourth of the directors are aliens, or of which more than one-fourth of the capital stock is owned or voted by aliens or by a foreign government or corporation, if the Federal Communications Commission finds that the public interest will be served by the refusal or revocation of such license.