A significant piece of legislation that created the current U.S. telecom market. This legislation was the first major regulatory revision to the industry in 62 years. It was signed by President Bill Clinton on February 1996. In addition to its significant changes to the telecom industry, it deregulated the rates that cable service providers can charge and created more competition among Internet service providers. The act allowed small companies to begin to compete against the former regional Bell operating companies. The former Bells also were allowed to begin selling long distance service, but only after they proved that they had sufficiently opened up their infrastructure to competitors.