A bill to amend the Communications Act of 1934 with respect to the renewal of licenses for the operation of broadcasting stations.

Amends the Communications Act of 1934 to permit the Federal Communications Commission to limit the terms of broadcasting licenses to five years and to grant renewal of such licenses for terms not to exceed five years upon a finding of public interest.

Sets guidelines for expenditures action on applications for renewal of licenses by limiting material required to be filed.

Requires the Commission to examine the renewal process and report within six months on methods of reducing and consolidating filings and supporting documents.