A bill to amend the Communications Act of 1934 to authorize the Federal Communications Commission to regulate the entry of foreign telecommunications carriers into domestic United States telecommunications markets upon terms which are reciprocal with terms under which United States telecommunications carriers are permitted entry into the foreign markets involved.

Amends the Communications Act of 1934 to authorize the Federal Communications Commission (FCC) to regulate the entry of foreign telecommunications services and carriers into U.S. markets. Authorizes making the terms of such entry reciprocal to the terms which apply to U.S. telecommunications services and carriers in the nation: (1) in which the foreign service or carrier is based; or (2) under the laws of which the foreign entity is established. Authorizes the President to veto the FCC decision on imposing reciprocal restrictions.