How Will Congress Spend Over $40 Billion in C-Band Auction Revenues?

In the race to 5G, American wireless companies are sorely lacking one essential ingredient: mid-band spectrum. Federal Communications Commission Chairman Ajit Pai announced that  the FCC will pursue a public auction of a portion of the 3.7 to 4.2 GHz spectrum band – also known as the C-Band – by the end of 2020. Senate Commerce Committee approved S. 2881, C-Band legislation that would modify the automatic Treasury deposit. The legislation would require at least 50% of C-Band proceeds (up to $40 billion) to be deposited in the Treasury. If the auction raises more than $40 billion, a higher percentage would be deposited in the Treasury. The bill also sets aside 10% of proceeds for broadband deployment in underserved and unserved areas. Some revenue may also go to the Spectrum Reallocation Fund for studying other spectrum bands. Once 50% for the Treasury and 10% for rural broadband are deducted, that leaves approximately $16.87 billion. So, what would happen to the rest of the cash?