A bill to amend the Communications Act of 1934 in order to proved for the regulation of networks.

Provides for the regulation of broadcasting networks under the Communications Act of 1934. Directs the Federal Communications Commission to issue such rules and regulations as it considers necessary to prevent practices of broadcasting networks which may have the effect of substantially lessening competition with respect to supplying programs to broadcasting stations, and to assure that networks will not adversely affect the ability of broadcast licensees to operate their stations in the public interest.

Grants the Federal Communications Commission specific authority to regulate the following provisions of contracts between networks and licensees: (1) maximum duration of the contract; (2) right of first refusal by the licensee of any program of the network; (3) right of the licensee to reject or cancel any program of the network ; (4) compensation paid by the licensee to the network for programs supplied; (5) the extent to which the network may limit the advertising rates of the licensee; and (6) the extent to which the network may limit the content of programs broadcast by the licensee.

Grants the Federal Communications Commission authority to regulate the extent to which networks make programs available to competing licensees; hinder the scheduling of a licensee's programs; supply programs to a licensee; license local stations; and represent a licensee in the sale of broadcast time.

Provides procedures for the Federal Communications Commission to enforce this Act and prescribes a penalty of $10,000 per day (to a maximum of $500,000) for failure of a network to observe any cease and desist order issued by the Commission under this Act.

Provides that the Federal Communications Commission may remit or mitigate forfeiture imposed under this Act.