The U.S. Federal Communications Commission announced Thursday that a recent auction of mid-band wireless spectrum generated more than $3.5 billion in proceeds.
According to the FCC, the majority of those funds — up to $3.3 billion — will be directed toward repaying money that was borrowed to support the agency’s so-called “Rip and Replace” initiative. That program is designed to remove Huawei and other Chinese-made telecommunications equipment from wireless networks across the country.
