Advancing Innovation and Reinvigorating Widespread Access to Viable Electromagnetic Spectrum Act or the AIRWAVES Act This bill requires the Federal Communications Commission to establish a bidding marketplace for the use of commercially licensed spectrum in lower-frequency bands and to make additional unlicensed spectrum available in higher-frequency bands. From the proceeds of transactions conducted under the bill, 10% shall be allocated for the placement of wireless infrastructure in rural areas with limited or no wireless internet service.