The full text of the FoMC statement (bold added): Proposed legislation is a step in the right direction, but doesn't go far enough. Today, Representatives George Holding (R-NC) and John Conyers (D-MI), will introduce the RESPECT Act, a bill meant to create a limited performance right for the use of sound recordings by satellite and Internet radio companies. Under current law, there is no federal copyright for recordings made before February 15, 1972. Where rights exist at all, these recordings are subject to a patchwork of highly variable state laws and statutes. The lack of federal protection leaves pre-’72 recording...

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