A bill to reaffirm the intent of the Congress with respect to the structure of the common carrier telecommunications industry rendering services in interstate and foreign commerce; to reaffirm the authority of the States to regulate terminal and station equipment used for telephone exchange service in certain instances; to require the Federal Communications Commission to make certain findings in connection with Commission actions authorizing specialized carriers.

Expresses the Congressional finding that all persons providing common carrier telecommunications services should be subject to the same regulatory process, so that the nation will have a coordinated nationwide telephone network.

Amends the Communications Act of 1934 to provide that no compensatory charges for or in connection with such communication service may be found to be unjust or unreasonable on the ground that it is too low. Prohibits the Federal Communications Commission from holding 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.

Provides that the Commission shall not authorize any construction permit, station license, or certificate for construction, acquisition, or operation of any communication or transmission line or facility, or extension thereof, or any modification or renewal thereof, by any specialized carrier furnishing interstate communication service, or the operation of any telephone or telegraph common carrier unless the Commission finds, after an evidentiary hearing, that public convenience and necessity is served and the technical integrity and capacity for a coordinated nationwide telephone network is not significantly impaired.