This legislation directs the Federal Communications Commission (FCC) to establish and publicly maintain a list of entities holding FCC authorizations or licenses that are connected to foreign adversaries. The primary goal is to increase transparency regarding the ownership and control of U.S. communications infrastructure by entities linked to designated "covered countries." This initiative aims to address potential national security concerns arising from such foreign influence. Initially, within 120 days of enactment, the FCC must publish a list of entities holding specific licenses, such as those for spectrum use or cable landing, where a covered entity holds a reportable equity or voting interest, or is deemed by a national security agency to exert control. Subsequently, within 18 months, the FCC is required to issue new rules to gather information on all other types of FCC authorizations or licenses. This will allow for the identification of additional entities with reportable foreign adversary ownership. Once these rules are established, the FCC must add these newly identified entities to the public list within one year. The Commission is also mandated to update this comprehensive list annually to ensure its accuracy and relevance. For the purposes of this Act, a covered entity includes the government of a designated "covered country," an entity organized under its laws, or a subsidiary thereof.