The rapid development of Internet applications and digital convergence has already rendered the Telecom Act of 1996 largely obsolete and a source of contentious regulatory uncertainty. Sen. Ted Stevens, the likely new Senate Commerce Committee Chairman, is expected to initiate a major debate on overhauling the Act next year. Voice over IP and the potential for wireless broadband as an alternative last-mile pipe further complicate the policy debate.

What kind of deregulation - or re-regulation - is best for stimulating innovation and economic growth? What policies can best facilitate new IT applications and products that leverage the Internet and boost U.S. competitiveness? Should policy makers focus on facilitating investment by telecom incumbents, or work to reduce barriers to entry toward attracting venture capital and innovative startups? Is the current telecom and media regulatory mix even the most important problem - or is it instead the need to get an affordable "Big Broadband" pipe (20 Mbps or faster) into every home and business?

Our panel - moderated by Business Week Chief Economist Michael Mandel - will look ahead at the coming Congressional debate over the future of telecom and media regulation.