FCC scraps 126 telecom regulations

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"We’re talking about millions of dollars in savings, which will ultimately result in a more dynamic, competitive market and lower prices for consumers," Genachowski said in a statement. 

He said the commission preserved "requirements that remain essential to our fundamental mission to ensure competition, consumer protection, universal service, and public safety."

President Obama ordered executive agencies to review their regulations and get rid of ones that are no longer cost-effective. Genachowski said Friday's action was intended to follow that guidance, though as an independent agency, the FCC is not bound by executive orders.

The commission scrapped most of the rules at the request of USTelecom, an industry lobbying group. 

In a statement, USTelecom CEO Walter McCormick said he is pleased the FCC did some "de-cluttering" but that it "missed the opportunity for the thorough spring cleaning that has long been needed."

"It instead left in place requirements that produce reams of information that the Commission no longer looks at — and has not looked at — for the last five years," McCormick said.

Republican Commissioner Ajit Pai applauded the step but said he wishes the agency had gone "further, faster."