Federal Telecommunications Policy Act of 1986

Federal Telecommunications Policy Act of 1986 - Title I - Deems it to be necessary and appropriate for the Federal Communications Commission (FCC) to promulgate and implement the regulations set forth in title II in order to ensure the orderly and competitive development of the telecommunications industry.

Title II - Requires the FCC, within 30 days after the date of enactment of this Act and without regard to the Administrative Procedure Act, to adopt and publish in the Federal Register specified regulations (identical in substance to the principal continuing provisions of the AT&T and GTE consent decrees) which: (1) require Class I and Class II local telephone companies to provide equal access to interexchange carriers and not to discriminate between interexchange carriers; (2) restrict the lines of business into which such local telephone companies may enter; and (3) govern the relationships between dominant interexchange carriers and Class I local telephone companies and between Class II local telephone companies and their affiliates. Authorizes the FCC to issue cease and desist orders and to impose other remedies available under the Communications Act of 1934 to enforce such regulations. Empowers the FCC to modify, rescind, or provide exemptions from or waivers of such regulations if, after notice and an opportunity for a hearing, it determines such action to be in the public interest. Provides that any action expressly permitted by any such regulation as promulgated, rescinded, or modified by the FCC or permitted by any waiver or exemption granted by the FCC shall not be deemed to violate any existing antitrust consent decrees.