Final answer:
The Federal Communications Commission (FCC) is the agency that assigns and licenses radio frequencies, regulates indecent material, and oversees various other communication-related matters in the United States.
Step-by-step explanation:
The agency responsible for assigning and licensing radio frequencies is the Federal Communications Commission (FCC). The FCC is an independent U.S. government agency established by the Communications Act of 1934. It regulates interstate and international communications by radio, television, wire, satellite, and cable in all 50 states, the District of Columbia, and U.S. territories.
Functions of the FCC include assigning frequency, power, and call signs for radio; allocating spectrum space for AM and FM radio, as well as VHF and UHF television broadcast services; and designating sign-on/sign-off times and operating power for broadcast stations.
Furthermore, it regulates indecent or illegal programming content and aspects of children's programming and political campaign advertising.