Telecommunications Regulatory Reform Act

Telecommunications Regulatory Reform Act - Amends the Communications Act of 1934 to provide that no compensatory charge for or in connection with interstate or foreign communication by wire or radio may be found to be unjust or unreasonable because it is too low. Directs that the Federal Communications Commission may not hold the charge of a carrier up to a particular level to protect the traffic or revenues from a communication service offered or provided by another carrier if such charge proposed by the carrier is compensatory.

Authorizes the Commission to approve the acquisition of control by a domestic common carrier of any other domestic common carrier; the acquisition of the whole or any part of the property of a domestic common carrier by any other domestic common carrier; or to approve the acquisition by a person who is not a common carrier of control of any domestic common carrier or the acquisition of the whole or any part of the property of a domestic common carrier, whenever the Commission determines, after an opportunity for agency hearing on the record, that such approval is in the public interest.