A bill to amend the Communications Act of 1934, as amended, with respect to commissioners and commission employees.

Amends the Communications Act of 1934 to prohibit any member of the Federal Communications Commission or person in its employ to be financially interested in, employed by, or have any official relation to any person engaged in radio broadcasting, communication by wire or radio, or any person engaged in the manufacture or sale of apparatus for wire or radio communication.

Provides that the Act shall not preclude investment in mutual funds, holding companies, or other investment companies unless their investments are concentrated in radio broadcasting, communication by wire or radio, or the manufacture or sale of apparatus for such communication.

Specifies that this Act shall not be construed to limit any authority given to the Commission to restrict further the financial interests or official relations of its employees.

Affords the Commission the opportunity to waive provisions of this Act to avoid hardships which could arise in exceptional circumstances.