To identify the current levels of savings and costs to telecommunications carriers as a result of the enactment of the Telecommunications Act of 1996, to require accurate billing by telecommunications carriers with respect to the costs and fees resulting from the enactment of the Telecommunications Act of 1996, and for other purposes.

Directs the Comptroller General to study and report to specified congressional committees on: (1) cost savings obtained by telecommunications carriers as a result of enactment of the Telecommunications Act of 1996; (2) the extent to which such savings have been passed through to customers; and (3) additional costs incurred by such carriers as a result of such Act.

Requires carriers that include on customer bills a charge or charges attributed to Federal regulatory actions to: (1) specify in such bill any reduction in charges or fees allocable to all classes of customers by reason of such regulatory actions; and (2) submit to the Federal Communications Commission certain disclosure reports required to be submitted by such carriers to the Securities and Exchange Commission under the Securities Exchange Act of 1934.