Federal Communications Commission Satellite Carrier Oversight Act

Federal Communications Commission Satellite Carrier Oversight Act - Amends the Communications Act of 1934 to: (1) include direct-to-home satellite services under provisions protecting signal broadcast; (2) direct the Federal Communications Commission (FCC) to initiate a notice of inquiry to determine the best way to facilitate the retransmission of distant broadcast signals in order to promote market competition for delivery of multichannel video programming in the public interest; and (3) direct the FCC to report to the Congress on the effect of the increase in royalty fees paid by satellite carriers for such retransmission on such competition and the ability of the direct-to-home satellite industry to compete.

Prohibits the Copyright Office from implementing, before January 1, 1999, the decision of the Librarian of Congress which established a specified royalty fee per subscriber per month for the retransmission of distant broadcast signals by satellite carriers.