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The United States currently has a communications policy in place that does not state clearly its own goals, yet applies regulations that greatly affect outcomes. A better communications policy would substitute markets for regulation as a way to determine both what is sold and what price is paid while continuing to be conscious of specific market power concerns and obtaining efficiently social benefits. The Administration and Congress should create a bipartisan and independent commission to suggest a complete overhaul of the law and policy for communications, and to do so by mid-2005. In this paper, we make several proposals to improve communications policy: Retail price deregulation where multi-firm competition is available. A neutral tax policy that does not distort consumer choice or competition Availability of public property as an input to service at cost. Increased availability of spectrum and commitments to future releases of spectrum A decision about maintaining or disbanding unbundling Application of Title 2 regulation and forbearance unless competitive problems arise Wholesale revamping of universal service programs Clear division of federal, state and local jurisdictions Federal regulatory authorities should set interconnection and openness policies, should deregulate retail pricing, and should assure procompetitive market structures. Local jurisdictions should assure that rights of way and other public property rights are available to all service providers, consistent with a general federal mandate. The Trinko decision notwithstanding, Congress should make it clear that the Telecommunications Act and other subsequent legislation does not give a free pass to companies that violate the laws that protect consumers from anticompetitive practices.