[BCPVP]

[ QUOTE ]
If the public airwaves are really public, why do private companies run them?

[/ QUOTE ]
Funny you should mention it. About an hour ago I was reading my econ textbook in class on just this subject. The book talks about the airwaves being a common resource and that to solve the "problem of the commons" (which means "the absence of incentive to prevent the overuse and depletion of a commonly owned resource"), government can auction off particular frequencies to the highest bidders (ABC, CBS, etc).

So I guess to answer your question of what role does the FCC play one could argue that they are the oversight on the companies the gov't has given permission to use the public airwaves.