Congress Passes "Webcaster Settlement Act of 2008"

During the same frenzied sessions addressing a potential $700 billion financial bailout package, Congressional leaders have also found time for music, sending the Webcaster Settlement Act of 2008 to President Bush for signature on September 30. Contrary to its title, the measure merely provides the opportunity for settlement, by giving SoundExchange and webcasters authority (until February 15, 2009) to resolve and implement a new Section 114 "webcasting" royalty rate following Congress’ adjournment. On the theory that the parties would not seek authority unless they were prepared to act, there is reason for optimism that this contentious issue can be resolved by the time a new presidential administration changes the terrain once again.