6/15. The House Financial Services Committee amended and approved HR 3574, the "Stock Option Accounting Reform Act", by a vote of 45-13.

This bill requires public companies to expense only those stock options granted to the CEO and the next four highest paid officers. It also provides an exemption for small businesses. As for the top five employees, the bill requires companies to follow the FASB standards, but with a zero volatility assumption.

The Committee approved an amendment in the nature of a substitute offered by Rep. Mike Oxley (R-OH), the Chairman of the Committee. Rep. Richard Baker (R-LA), is the lead sponsor of the bill, and the Chairman of the Capitol Markets Subcommittee. He led the debate in support of the bill.

Rep. Baker (at right) and others introduced the bill on November 21, 2003. The Capitol Markets Subcommittee held a hearing on March 3, 2004. The Subcommittee amended and approved the bill on May 12. See, story titled "Capital Markets Subcommittee Approves Stock Options Bill" in TLJ Daily E-Mail Alert No. 897, May 13, 2004.

Rep. Baker spoke with reporters during a break for voting on the House floor, and again after the Committee meeting. He offered this summary of the bill, and what it accomplishes. "It addresses the identified abuse that started the whole reform process. The abuse was a handful of executives exercised their authority and control, with whomever might have been responsible for their pay considerations, and were able to garner an inordinate amount of options, that they were able to exercise to the disinterest of the broader class of shareholders, for its own enrichment. I think those actions were unwarranted, and by saying to those top five, you can no longer avail yourself of that opportunity, is a good reform."

He continued, "Now, I am still unsettled by the fact that we don't describe accurately a method of valuation. But, we respond to what was identified in the press and by observers as being the abuse. The biggest thing that we gained, is that thousands of employees, I mean, hundreds of thousands of employees, annually are given an ability to invest in their own company, with their own intellect, and own hard work. And if it pays off, and the company's value is enhanced, you share in that growth, without the corporation having to expense the cost of that granting at the time of the granting. That has been highly overlooked in the course of the debate. There are an infinitesimally small percentage of executives who abuse, and there are hundreds of thousands of employees who benefit. And keeping that structure is a good thing. Now, do I favor accurate disclosure? Yes. Can FASB tell me how to do it accurately today? No. So, we are doing the best we can with an imperfect disclosure regime, and I think that the bill is an appropriate response."

Opposition to the bill during the June 15 meeting was led by Rep. Barney Frank (D-MA), the ranking Democrat on the Committee, Rep. Paul Kanjorsky (D-PA), the ranking Democrat on the Capital Markets Subcommittee, Rep. Carolyn Maloney (D-NY), and Rep. Brad Sherman (D-CA).

Rep. Frank argued that this bill is turning the Committee into "the super accounting board", and reducing the FASB's role to "a rule making hobby". He added, "I don't believe for one minute that this will be the last time that we overrule FASB."

Rep. Baker responded that "we started this process with the passage of Sarbanes Oxley." He added, "we are standard setters."

FASB. On March 31, 2004, the Financial Accounting Standards Board (FASB) released a document titled "Exposure Draft, Share-Based Payment, an Amendment of FASB Statements No. 123 and 95" that proposes that companies must expense stock option plans for all employees.

The FASB stated that "The exposure draft covers a wide range of equity-based compensation arrangements. Under the Board's proposal, all forms of share-based payments to employees, including employee stock options, would be treated the same as other forms of compensation by recognizing the related cost in the income statement. The expense of the award would generally be measured at fair value at the grant date. Current accounting guidance requires that the expense relating to so-called fixed plan employee stock options only be disclosed in the footnotes to the financial statements."

The FASB's comment period for the exposure draft ends June 30, 2004. See, story titled "FASB Proposes Expensing of Stock Options" in TLJ Daily E-Mail Alert No. 867, April 1, 2004.

The FASB opposes and has lobbied against HR 3574.

Technology companies that provide employee stock options have been active in lobbying for the bill.

Transparency and Disclosure. The amendment in the nature of a substitute adds a new section, that was not in the version of the bill approved by the Subcommittee on Capitol Markets on May 12. The new section is titled "Improved Employee Stock Option Transparency and Reporting Disclosures".

Rep. Bob Ney (R-OH), offered, but then withdrew, an amendment on this subject at the May 12 markup. Rep. Baker represented on May 12 that he would work with Rep. Ney on new language for the bill.

The new language provides that the Securities and Exchange Commission (SEC) shall within 180 days promulgate a rule that requires each issuer filing a report under Sections 13(a) or 15(d) of the Securities Exchange Act "to include in such report more detailed information regarding stock option plans, stock purchase plans, and other arrangements involving an employee acquisition of an equity interest in the company ..."

Such information must include a "plain English" discussion of "the dilutive effect of stock option plans". It must also include an "expanded disclosure of the dilutive effect of employee stock options on the issuer's earnings per share", "the number of outstanding stock options", "the weighted average exercise price of all outstanding stock options", and "the estimated number of stock options outstanding that will vest in each year".

Baker and Maloney Amendments. The Committee also approved an amendment offered by Rep. Baker regarding preserving FASB authority.

This amendment adds a new Section 5 to the bill, titled "Preservation of Authority". It provides that "Nothing in this Act shall be construed to limit the authority over the setting of accounting principles by any accounting standard setting body whose principles are recognized by the Securities and Exchange Commission under section 19(b)(1) of the Securities Act of 1933 (15 U.S.C. 77s(b)(1))."

The Committee rejected an amendment offered by Rep. Maloney (at left) regarding SEC authority. The vote was 14-45.

This amendment would have added a new Section 5 to the bill titled "Confirmation of S.E.C. Authority". It would have provided that "Nothing in this Act shall be construed to impair or limit the authority of the Commission to establish accounting principles or standards on its own initiative as the Commission deems necessary in the public interest or for the protection of investors."

Rep. Baker stated that his amendment preserves FASB's independent authority, but with Congressional authority to instruct, while Rep. Maloney's amendment would give the SEC authority over FASB. He argued that the SEC then would not answer to either the FASB or the Congress.

Other Amendments. The Committee rejected an amendment offered by Rep. Sherman that would have eliminated the zero volatility assumption. The vote was 14-43. He offered a similar amendment during Subcommittee consideration on May 12. This amendment pertains to the bill's provisions regarding the valuation of the stock options of the top five employees. The bill basically follows the FASB method, but then assumes zero volatility. This Sherman amendment would have removed the language regarding zero volatility.

The Committee also rejected an amendment offered by Rep. Sherman that would have applied FASB standards to that portion of options exceeding $100,000 per employee. The vote was 12-47. This amendment would have allowed companies not to expense employee stock options, but only for the first $100,000 per year for each employee. It would have required the expensing of any stock option amount over $100,000.

The Committee rejected an amendment in the nature of a substitute offered by Rep. Kanjorski, without a roll call vote. It would have, among other things, let stand the FASB standard regarding expensing of stock options.

Final Vote. The vote in favor of the bill was overwhelming and bipartisan. Almost all Republicans who voted, voted for the bill. Only Rep. Michael Castle (R-DE) and Rep. Paul Gillmor (R-OH) voted against the bill. Several others were not present.

A majority of Democrats also supported the bill. 20 voted yes; 11 voted no. There was a distinct pattern. Democrats with seniority on the Committee opposed the bill, while the junior members voted overwhelmingly for the bill. The six most senior Democrats all voted no. 4 of the next 12 members in seniority voted no. Only one of the 15 most junior members voted no -- Rep. Rahm Emanuel (D-IL).

The bill does enjoy the support of one senior Democrat -- Rep. Nancy Pelosi (D-CA), the House Minority Leader.

Rick White, in his capacity as Chairman of the International Employee Stock Options Coalition, praised the bill in a release after the markup. He stated that "Employee stock options fuel innovation and economic growth in this country." White represented a Seattle area district in the House from 1995 until 1998, and was a member of the House Commerce Committee.

Rep. Anna Eshoo (D-CA), who represents a Silicon Valley district, is an initial cosponsor of the bill, and a member of the House Commerce Committee, stated in a release that "We have really gained momentum and I'm hopeful that this critical legislation will be brought to the House floor very soon".

Further Consideration of HR 3574. One obstacle that the bill faces is that the House Commerce Committee has asserted jurisdiction. Rep. Baker stated that he has attempted to draft the bill, and its amendments, with language that avoids Commerce Committee jurisdiction. He told reporters that "I would have to defer you to the legal consultants on the matter. I was informed that the construction of the amendment achieved that goal. We are going to have to wait for the House Parliamentarian, I guess, to make that judgment."

Rep. Baker also predicted that the full House will take up the bill, noting that one of its strong supporters is Rep. David Dreier (R-CA), the Chairman of the House Rules Committee. He stated after the hearing, "Knowing of Chairman Dreier's interest in the matter, I think our prospects of getting a rule for floor consideration is probably pretty good. But, I don't know the bigger schedule that leadership might be contemplating between now and the recess."

Rep. Roy Blunt (R-MO), the Republican Whip, is also a cosponsor of the bill.

The bill would then have to pass the Senate. There is a similar bill pending in the Senate, S 1890. Several Senators have announced their opposition to the bill.

Rep. Baker was asked what he will have accomplished if the Senate does not pass the bill. He answered, "There is two things. One, I am hopeful that the Senate will take a House passed bill, and I am jumping ahead of myself, of course, and consider it as they would consider any other legislative proposal. Secondly, we are in the midst of a public comment period. And, in light of the fact that FASB has not established a valuation methodology, and secondly, that the current methodologies appear to be highly inaccurate, will take the House actions into consideration is promulgating whatever final rule they may adopt. So, there is still the prospect of Senate consideration at some point. There is still the hope that the FASB will take a look at what the House has done. And, you know, it is much the same as any other letter of public comment. I hope they will read it."

He added that the FASB "should should recognize that there are elements of the current rule which are very indeterminate, unreliable, inaccurate, and that is no better than having the disclosure in the footnotes. In fact, it may be worse. Leading someone to conclude that your financial condition is worse than it is, is no more helpful than saying your financial condition is better than it is."

6/15. John Morabito was named Comcast's Senior Director/Policy Counsel, Federal Government Affairs, effective June 21. Comcast stated in a release that he will be "one of Comcast's senior lobbyists focused on Congress and the Administration". He is currently VP for Regulatory and Legislative Affairs at Qwest. Before that, he worked for Global Crossing. He has also worked for the House Commerce Committee, and for the Federal Communications Commission's (FCC) Common Carrier Bureau.

6/15. Michael Hickey was named Verizon's VP of Government Affairs for National Security Policy. Verizon stated in a release that he "will be based in Washington, D.C., where he will represent Verizon's interests on policy matters relating to national security, law enforcement and emergency preparedness." He was previously President of Verizon New Hampshire. New Hampshire legislators now hold key assignments in Congress for legislation that is of concern to Verizon. Rep. Charles Bass (R-NH) is a new member of the House Commerce Committee and its Subcommittee on Telecommunications and the Internet. Sen. John Sununu (R-NH) is a new member of the Senate Commerce Committee and its Communications Subcommittee. He is a also the sponsor of S 2281, the "VOIP Regulatory Freedom Act of 2004", a bill that would, among other things, address CALEA obligations. See, stories titled "Sununu and Pickering Introduce VOIP Regulatory Freedom Bills" and "Summary of VOIP Regulatory Freedom Bills" in TLJ Daily E-Mail Alert No. 872, April 8, 2004. Verizon has advocated positions that are different from those of Sen. Sununu. See for example, Verizon's comment [PDF] in response to the Department of Justice's petition to the Federal Communications Commission (FCC) regarding the CALEA. This is RM-10865.

6/14. Monica Luechtefeld, and others, were appointed to the Private Sector Senior Advisory Committee (PVTSAC) of the Homeland Security Advisory Council (HSAC). See, Department of Homeland Security (DHS) release. She is EVP of Global E-commerce for Office Depot.

6/15. James Loy, Deputy Secretary of Homeland Security, gave a speech at the National Cargo Security Council Annual Convention in Las Vegas, Nevada. He stated that the Department of Homeland Security (DHS) is in the process of "evaluating available technologies in the real world environment to help increase container security and prevent their use as vehicles to transport illicit materials. In addition to sealing standards and techniques, we are testing and evaluating the technology and design of a Container Security Device -- a kind of electronic seal that would further guard against tampering."

6/15. The Federal Communications Commission (FCC) released a report [18 pages in PDF] titled "FCC Report To Congress As Required By The ORBIT Act".

The House will meet at 10:00 AM for legislative business. See, Republican Whip Notice.

The Senate will meet at 9:00 AM for morning business. It will then resume consideration of S 2400, the Department of Defense authorization bill for FY 2005.

8:30 AM - 5:00 PM. Day two of a three day meeting of the National Institute of Standards and Technology's (NIST) Information Security and Privacy Advisory Board. See, notice in the Federal Register, May 28, 2004 Vol. 69, No. 104, at Page 30621. Location: Hilton Hotel, 620 Perry Parkway, Gaithersburg, MD.

9:30 AM. The Senate Commerce Committee will hold a hearing on S 2281, the "VOIP Regulatory Freedom Act of 2004", sponsored by Sen. John Sununu (R-NH). See, stories titled "Sununu and Pickering Introduce VOIP Regulatory Freedom Bills" and "Summary of VOIP Regulatory Freedom Bills" in TLJ Daily E-Mail Alert No. 872, April 8, 2004. The witnesses will be Laura Parsky (Deputy Assistant Attorney General, Department of Justice, Criminal Division), James Dempsey (Center for Democracy & Technology), Tom Rutledge (Cablevision Systems Corporation), David Jones (Spartanburg County Communications/9-1-1), Stan Wise (Georgia Public Service Commission), Jeff Pulver (pulver.com), Arturo Macias (Wheat State Telephone Company). See, notice. Press contact: Rebecca Fisher (McCain) at 202 224-2670 or Andy Davis (Hollings) at 202 224-6654. Location: Room 253, Dirksen Building.

10:00 AM. The House Judiciary Committee will meet to mark up five bills. The agenda includes consideration of HR 4518, the "Satellite Home Viewer Extension and Reauthorization Act 2004", HR 338, the "Federal Agency Protection of Privacy Act of 2004", HR 3632, the "Anti-Counterfeiting Amendments of 2003". Press contact: Jeff Lungren or Terry Shawn at 202 225-2492. Location: Room 2141, Rayburn Building.

10:00 AM - 2:00 PM. The House Science Committee will meet to mark up several bills. The agenda includes consideration of HR 4516, the "Department of Energy High-End Computing Revitalization Act of 2004", HR 4218, the "High Performance Computing Revitalization Act of 2004", and HR 3598, the "Manufacturing Technology Competitiveness Act of 2004". Press contact: Joe Pouliot at 202 225-4275. Location: Room 2318, Rayburn Building.

10:00 AM. The Senate Judiciary Committee will hold a hearing on several judicial nominees: Richard Griffin (to be a Judge of the U.S. Court of Appeals for the 6th Circuit), David McKeague (6th Circuit), Virginia Covington (Middle District of Florida). Press contact: Margarita Tapia (Hatch) at 202 224-5225 or David Carle (Leahy) at 202 224-4242. Location: Room 226, Dirksen Building.

10:00 AM. The Senate Appropriations Committee's Subcommittee on Homeland Security will meet to mark up the Department of Homeland Security (DHS) appropriations bill for FY 2005. Location: Room 124, Dirksen Building.

TIME CHANGE. 10:00 AM. The House Ways and Means Committee will hold a hearing titled "Implementation of the U.S.-Australia Free Trade Agreement". The witnesses will include Josette Shiner (Deputy U.S. Trade Representative). See, notice. Press contact: 202 225-1721. Location: Room 1100, Longworth Building.

10:45 AM - 12:15 PM. The Business Software Alliance (BSA) will host an event titled "2004 Business Software Alliance CEO Forum Policy Roundtable". The speakers will be Robert Holleyman (BSA), James Glassman (AEI), Bruce Chizen (Adobe) David Krall (Avid), Greg Bentley (Bentley Systems), Dale Fuller (Borland), Bill Conner (Entrust), Dominique Goupil (Filemaker), Tom Noonan (Internet Security Systems), Steve Ballmer (Microsoft), George Samenuk (McAfee), Art Coviello (RSA Security), John McEleney (SolidWorks), John Thompson (Symantec), and Gary Bloom (Veritas). The BSA's notice states that this event "is open to the media". For more information, contact Jeri Clausing at jeric@bsa.org or 202 530-5127. Location: Room 106, Dirksen Building.

12:00 NOON. Sen. John McCain (R-AZ), FCC Chairman Michael Powell, FCC Commissioner Jonathan Adelstein, FEC Commissioner Michael Toner, and FEC Commissioner Scott Thomas will jointly speak regarding "the need for increased election news coverage by broadcasters during this election season". For more information, contact Rebecca Fisher (McCain) at 202 224-2670. Location: Room 236, Russell Building.

TIME CHANGE. 2:30 PM. The House Government Reform Committee's Subcommittee on on Technology, Information Policy, Intergovernmental Relations and the Census will hold a hearing titled "Locking Your Cyber Front Door- The Challenges Facing Home Users And Small Businesses?" The hearing will address phishing, spyware, worms, and viruses. For more information, contact Juliana French at 202 225-6751. Location: Room 2154, Rayburn Building.

Deadline for the Federal Trade Commission (FTC) to submit its report to the Congress regarding a National Do Not E-mail Registry. Section 9 of S 877, the "Controlling the Assault of Non-Solicited Pormography and Marketing Act of 2003" (CAN-SPAM Act), requires the FTC to write this report. See, story titled "FTC Announces CAN-SPAM Act Rulemaking" in TLJ Daily E-Mail Alert No. 855, March 15, 2004.

Deadline to submit comments to the Federal Communications Commission (FCC) in response to its Further Notice of Proposed Rule Making (FNPRM) and Notice of Inquiry (NOI) regarding digital audio broadcasting (DAB). This item is FCC 04-99 in MB Docket No. 99-325. See, story titled "FCC Announces FNPRM and NOI Regarding Digital Audio Broadcasting" in TLJ Daily E-Mail Alert No. 878, April 16, 2004, and notice in the Federal Register, May 17, 2004, Vol. 69, No. 95, at Pages 27874 - 27885.

The House will meet at 10:00 AM for legislative business. The agenda includes possible consideration HR 4520, the "American Jobs Creation Act of 2004". See, Republican Whip Notice.

8:30 AM - 1:30 PM. The Cato Institute will host an event titled "The Law and Economics of File Sharing & P2P Networks" The speakers will include Jack Valenti (Motion Picture Association of America). See, notice. The event will be webcast. Lunch will be served. Free. Location: Cato, 1000 Massachusetts Ave., NW.

8:30 AM - 1:00 PM. Day three of a three day meeting of the National Institute of Standards and Technology's (NIST) Information Security and Privacy Advisory Board. See, notice in the Federal Register, May 28, 2004 Vol. 69, No. 104, at Page 30621. Location: Hilton Hotel, 620 Perry Parkway, Gaithersburg, MD.

9:00 AM. The Senate Governmental Affairs Committee will hold a hearing titled "Buyer Beware: The Danger of Purchasing Pharmaceuticals Over The Internet". See, notice. Location: Room 342, Dirksen Building.

9:30 AM. The Senate Judiciary Committee will hold an executive business meeting. Location: Room 226, Dirksen Building.

9:30 AM. The House Commerce Committee's Subcommittee on Oversight and Investigations will hold a hearing titled "Problems with the E-rate Program: Waste, Fraud, and Abuse Concerns in the Wiring of Our Nation's Schools to the Internet". The hearing will be webcast. See, notice. Location: Room 2322, Rayburn Building.

9:30 AM. The Senate Foreign Relations Committee will hold a hearing on several treaties, including the Council of Europe Convention on Cybercrime. The witnesses will be Michael Schmitz (Bureau of Customs and Border Protection, Department of Homeland Security), Bruce Swartz (Criminal Division, Department of Justice), and Samuel Witten (Department of State). See, notice. Location: Room 419, Dirksen Building.

10:00 AM. The House Judiciary Committee's Subcommittee on Courts, the Internet and Intellectual Property will hold a hearing on HR __, the "Family Movie Act". Press contact: Jeff Lungren or Terry Shawn at 202 225-2492. Location: Room 2141, Rayburn Building.

10:00 AM. The House Financial Services Committee's Subcommittee on Domestic and International Monetary Policy, Technology, and Trade will hold a hearing titled "The US-EU Regulatory Dialogue: The Private Sector Perspective". The witnesses will be Richard Thornburg (Securities Industry Association), Paul Oldshue, and Hal Scott (Harvard Law School). See, notice. For more information, contact Peggy Peterson or Scott Duncan at 202 226-0471. Location: Room 2128, Rayburn Building.

10:00 AM. Visa USA, Better Business Bureau, Call for Action, Treasury Department, and Federal Trade Commission (FTC) will hold a joint press conference to promote public awareness of phishing. The speakers will included Wayne Abernathy, Assistant Secretary of the Treasury for Financial Institutions. Location: National Press Club, Zenger Room, 529 14th Street, NW.

2:00 PM. The House Ways and Means Committee's Subcommittee on Health will hold a hearing titled "Health Care Information Technology". See, notice. Location: Room 1100, Longworth Building.

Day one of a three day event titled "China-U.S. Telecommunications Summit". See, NTIA notice and TIA notice. Location: Chicago, Illinois.

The House will meet at 9:00 AM for legislative business. See, Republican Whip Notice.

8:30 AM - 5:30 PM. There will be a one day conference titled "Washington Digital Media Conference". See, conference web site. Location: Hilton McLean, McLean, VA.

9:00 AM - 4:00 PM. The Federal Communications Commission (FCC) Consumer Advisory Committee (CAC) will meet. See, notice and agenda [4 pages in PDF] and notice in the Federal Register, May 27, 2004, Vol. 69, No. 103, at Pages 30293 - 30294. Location: FCC, Commission Meeting Room, Room TW-C305, 445 12th Street, SW.

The Defense Science Board Task Force on Global Positioning System will hold a closed meeting to discuss Galileo and other future radio navigation satellite systems. See, notice in the Federal Register, May 18, 2004, Vol. 69, No. 96, at Pages 28125 - 28126. Location: Strategic Analysis Inc., 3601 Wilson Boulevard, Arlington, VA.

Day two of a three day event titled "China-U.S. Telecommunications Summit". See, NTIA notice and TIA notice. Location: Chicago, Illinois.

Deadline to submit comments to the Federal Communications Commission (FCC) in response to its notice of propose rulemaking (NPRM) regarding imposing mandatory minimum Customer Account Record Exchange (CARE) obligations on all local and interexchange carriers. This item is FCC 04-50 in CG Docket No. 02-386. See, notice in the Federal Register, April 19, 2004, Vol. 69, No. 75, at Pages 20845 - 20851.

Deadline to submit comments to the National Institute of Standards and Technology's (NIST) Computer Security Division (CSD) regarding its draft [91 pages in PDF] of Special Publication 800-58, titled "Security Consideration for Voice Over IP Systems". Submit comments to Rick Kuhn at sp800-58@nist.gov.

Day three of a three day event titled "China-U.S. Telecommunications Summit". See, NTIA notice and TIA notice. Location: Chicago, Illinois.

The Supreme Court will return from the recess that it began on June 14.

8:30 AM - 5:30 PM. The Federal Trade Commission (FTC) will hold a workshop on the uses, efficiencies, and implications for consumers associated with radio frequency identification (RFID) technology. See, FTC web page for this workshop, and notice in the Federal Register, April 15, 2004, Vol. 69, No. 73, at Pages 20523 - 20525.

1:00 PM. The Center for Democracy and Technology (CDT) will host a telephone press conference to discuss the Supreme Court's opinion in Ashcroft v. ACLU, a challenge to the constitutionality of the Child Online Protection Act (COPA). If the Supreme Court does not issue the opinion on this date, then the CDT will reschedule this conference for the next likely date for the issuance of the opinion -- June 28. To participate, call 334 260-2557 and provide security code 36991.

5:45 - 8:00 PM. The Federal Communications Bar Association (FCBA) will host a continuing legal education (CLE) program titled "Migration Trends in Spectrum Use and Regulation" The speakers are all Federal Communications Commission (FCC) officials. Julius Knapp (FCC Office of Engineering and Technology), Kenneth Carter (FCC Office of Strategic Plans and Policy Analysis), and Peter Tenhula (FCC Wireless Telecommunications Bureau). To register, contact Wendy Parish at wendy@fcba.org. The FCBA states that "After 6:00 p.m. the doors will be locked." Location: FCC, Commission Meeting Room, 445 12th Street, SW.

CANCELLED. The Federal Communications Commission's (FCC) Network Reliability and Interoperability Council VII will meet. See, notice of cancellation [PDF].

Extended deadline to submit reply comments to the Federal Communications Commission (FCC) in response to its notice of proposed rulemaking (NPRM) regarding broadband over powerline systems. The FCC adopted this NPRM on February 12, 2004. See, story titled "FCC Adopts Broadband Over Powerline NPRM" in TLJ Daily E-Mail Alert No. 836, February 13, 2004. The FCC released the text of this NPRM on February 23, 2004. This NPRM is FCC 04-29 in ET Docket Nos. 03-104 and 04-37. See, notice in the Federal Register, March 17, 2004, Vol. 69, No. 52, at Pages 12612-12618. See also, Order Granting Extension of Time [3 pages in PDF].