Final answer:
The Telecommunications Act of 1996 facilitated media conglomerate formation, reduced broadcast competition, and changed the FCC's role from regulator to monitor, while encouraging a rating system for advertisers akin to that used in television.
Step-by-step explanation:
The Telecommunications Act of 1996 was a significant legislative act that altered the landscape of the telecommunications industry. It allowed for the ownership of an increased number of radio and television stations by a single entity, which led to the formation of media conglomerates and reduced competition. This Act also marked a change in the Federal Communications Commission's (FCC) role from regulator to monitor, overseeing station purchases to prevent media monopolies and addressing consumer complaints. The intent behind these changes was not only to deregulate and promote competition in the industry but also to ensure that the public had access to diverse and competitive communication services.
To address concerns about content, the Telecommunications Act paved the way for a rating system similar to that used by the television industry for advertisers, mirroring efforts made by the motion picture industry in the 1960s. Furthermore, the FCC's mission has been to provide efficient communication services at reasonable charges for all Americans, as well as to promote safety and national defense through communication systems.