This bill requires the Federal Communications Commission (FCC) to establish a process to vet applicants for certain funding programs that support affordable broadband deployment in high-cost areas, including rural communities.

Specifically, the FCC must conduct a rulemaking to develop a vetting process for applicants seeking funding under high-cost universal service programs for the deployment of a broadband-capable network and the provision of supported services over the network. The FCC must require applications for such funding to document each applicant’s technical, financial, and operational capabilities related to the proposed deployment, as well as a reasonable business plan. 

The FCC must evaluate applications against reasonable and well-established standards and must consider each applicant’s history of compliance with the requirements of other government broadband funding programs. After the rulemaking is finalized, funds may only be awarded to applicants that satisfy the standards established therein. 

Finally, the FCC must set financial penalties for applicants that default in some manner during the evaluation process before they are authorized to begin receiving support.