IP: FCC Chairman Named to TDF Board

[David Farber <dave () farber net>]

> From: Dewayne Hendricks <dewayne () warpspeed com>
>
> FCC Chairman Named to TDF Board
>
> Summary:
>
> FCC Chairman Michael Powell was named to the board of the 
> Telecommunications Development Fund (TDF), a venture capital firm that 
> invests from $375,000 to $1M in startup wireless and wireline companies. 
> The chairman, however, does not participate in any investment 
> decision-making, and he reportedly will recuse himself from such 
> proceedings. Powell's role is one of corporate governance, and the 
> position is unsalaried. Powell is the second chairman to serve on the TDF 
> board, the first being former chair Bill Kennard. Reported by Newsbytes.
>
> Full Article:
>
> WASHINGTON, D.C., U.S.A., 2001 OCT 17 (NB) -- By Dick Kelsey, Newsbytes. 
> Federal Communications Commission Chairman (FCC) Michael Powell has been 
> named to the board of directors of the Telecommunications Development Fund 
> (TDF), a venture capital firm that invests in telecommunications companies 
> that are just getting off the ground.
>
> Through initial investments ranging from $375,000 to $1 million, TDF 
> finances companies developing new innovations in wireline and wireless 
> voice and data communications, the company said in a statement.
>
> In his new position, Powell will play a role in TDF's mission to invest in 
> new technologies and services, and to provide financing, education and 
> outreach to entrepreneurs.
>
> The chairman, however, does not participate in any investment 
> decision-making, and will recuse himself from such proceedings, an FCC 
> spokeswoman said today. Powell's role is one of corporate governance, she 
> said, adding that he is required to appoint other board members.
>
> Powell, appointed chairman of the FCC by President Bush in January, was 
> first named to the commission in November 1997.
>
> The position carries no salary, said TDF spokesman Mark Mueller. Powell's 
> predecessor as FCC chairman, William E. Kennard, also served on the TDF 
> board, Mueller said.
>
> TDF is on the Web at http://www.tdfund.com
>
> Reported by Newsbytes.com, http://www.newsbytes.com .


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