What is the role of the FCC in the Telecommunications field? What is the purpose for the creation of the governing statute for the regulation of telecommunications in the United States (the Communications Act of 1934)?

What is the role of the FCC in the Telecommunications field? What is the purpose for the creation of the governing statute for the regulation of telecommunications in the United States (the Communications Act of 1934)? Why was it necessary for the federal government to create the FCC? What are the pros and cons to this approach by the federal government? Do you agree with this regulatory approach or was there a better methodology you would have employed? What are the pros and cons in your mind to this approach to the regulation of Telecommunications?