Under the presidency of Calvin Coolidge in 1926 the Federal Radio Commission was put into place. The Federal Radio Commission’s purpose was to regulate radio use since before when the radio was regulated by the US Department of Commerce there was a limited amount of things that could be done. As a result who ever wanted a broadcasting license could not be denied one. The FRC was suppose to regulate the radio use, but it did not seem to suffice.
On June 19th 1934, The Communications Act of 1934 was entered into law by President Roosevelt replacing the Federal Radio Commission with the FCC. This federal law regulated the radio streams to a better extent and made sure that it was serving the nation the right way instead of having slow broadcastings and overfilled stations.
To date it has changed a bit with the addition of the Telecommunications Act of 1996, but it is still intact.