Pursuant to a legislative requirement, GAO reviewed the Federal Communications Commission's (FCC) new rule on installment payment financing for Personal Communications Services (PCS) licensees. GAO noted that: (1) the rule would modify the FCC's rules that will apply to Auction No. 35, the next broadband PCS C and F block auction, as well as any subsequent auctions of C and F licenses, including any spectrum made available or reclaimed from bankruptcy proceedings in the future.