FCC Fairness Doctrine
The Federal Communications Commission required broadcast licensees to present controversial public issues with balanced perspectives. It governed TV and radio for 38 years. During its reign, financial and political commentary both carried an implicit obligation to present alternative views.
The Fairness Doctrine was repealed under the Reagan FCC in 1987. The repeal opened the door to one-sided cable commentary. CNBC launched in 1989, Fox News in 1996. Much of the current fragmented media environment is a direct consequence of that single administrative decision.
04 · SEC & Regulated Media
FDR's reforms imposed disclosure on markets and licensing on broadcast. The SEC required public companies to tell the truth. The Fed published minutes — but with a five-year delay. Secrecy became official policy.
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