The Federal Communications Act of 1934 created the Federal Communications Commission to regulate the airwaves, which are considered public property. The act states that the FCC should assess the "character...of the applicant to operate the station," and ensure that the "public interest...would be served by the granting" of a license.
Despite decline in the FCC's enforcement of the public interest aspect of this law, there is at least one factor that the FCC still considers before granting a license: whether the applicant has committed a felony.
In 1989, Rep. John Dingell (D-Mich.), who chairs the House Energy and Commerce Committee, complained of FCC laxness in examining felons. This apparently led the FCC to issue a statement saying it would "consider all felony convictions," as well as "misdemeanors in certain circumstances," as factors in granting or renewing broadcast licenses. This announcement toughened a policy that had been weakened in 1985.