FCC Shifts $9 Billion Phone Aid Fund Out of Bank of America
- Government program taking its funding to U.S. Treasury
- FCC says it acted on recommendation from government auditors
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Regulators have begun moving almost $9 billion collected to subsidize phone and broadband service from a Bank of America account to what auditors call safer ground at the U.S. Treasury.
Federal Communications Commission Chairman Ajit Pai has begun shifting the Universal Service Fund money on advice from government auditors, who said keeping the money outside government coffers was risky, according to Mark Wigfield, an FCC spokesman.