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There is a proposed low-power AM proposal working its way through the FCC right now. A large number of current and potential low-power broadcasters (including myself!) are either sponsors or signatories to the proposal.
The proposal is to allow 10 watt operation somewhat similar to TIS. The specifications are not totally taken from TIS, modelled after them since the FCC is already familiar with TIS. initial operation is prorposed in the X-band (1610 to 1700). There’s more information at http://www.recnet.com on the proposal.
I agree with other posters that the commercial interests can have FM. Medium wave and AM are perfect for community radio stations. Our British cousins have low-power (1 watt) AM community stations. Why shouldn’t we?