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Ticker: FCC chair to leave on Inauguration Day; Contracts to buy homes drop in October

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Federal Communications Commission Chairman Ajit Pai, a Republican, says he is leaving the telecommunications regulator on Inauguration Day.
Federal Communications Commission Chairman Ajit Pai, a Republican, says he is leaving the telecommunications regulator on Inauguration Day. President-elect Joe Biden will choose a new Democratic head for the agency. A new administration typically picks a new chairman. Pai has presided over a contentious FCC over the last four years. He undid net neutrality rules that barred internet service providers like Comcast and AT&T from favoring some types of online traffic over others in 2017 and championed other deregulatory efforts. He has also worked to free up spectrum for cellphone companies so they can roll out 5G, the next-generation wireless standard that promises faster speeds, and cracked down on Chinese telecom companies as national security threats.

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