WASHINGTON (MarketWatch) -- Michael Powell, chairman of the Federal Communications Commission, will reportedly announce his resignation on Friday, according to an article on the Wall Street Journal editorial page. The FCC could not immediately be reached for comment. Selected four years ago by President Bush, Powell has pushed to introduce more free-market principles into federal policy on communications law. Yet his tenure was marked by several controversies, particularly in the regulation of speech and media-ownership rules. One of the top candidates to replace Powell is Rebecca Klein, a Gulf War veteran and former head of the Texas Public Utility Commission. Other possibilities are current FCC Commissioner Kevin Martin and former Bush telecom advisors Michael Gallagher and Janice Obuchowski.
While his father will likely move on to a lucrative post at the Carlyle Group
, I'm willing to bet that Mikey will be rewarded for his many gifts to corporate media with a high-paying job at Disney (ABC), Viacom (CBS), GE (NBC), NewsCorp (Fox), or ClearChannel. Or maybe Carlyle will take care of both father and son--Mikey's predecessor as FCC Chairman, Clinton appointee William Kennard
, is already on the Carlyle team. One of Colin's SecState predecessors, the hideous James Baker III, is Senior Counselor at Carlyle (a firm in which Bush 41 and the Binladen group were charter investors).