Tom Wheeler, the new chairman of the Federal Communications Commission (FCC), on Monday pledged to make the telecommunications industry more competitive.

Mr. Wheeler there was a need to make sure that small wireless carriers are capable of competing in the next year's spectrum auction, adding that he was an extreme believer in the power of the marketplace.

He stressed on the need of the FCC's intervention at a time of stifled competition in the telecommunications market.

Speaking on the topic, he said "I am a rabid believer in the power of the marketplace. I have seen enough about how markets operate to know that they don't always, by themselves, solve every problem."

Mr. Wheeler, a former lobbyist for the wireless & cable industries, was delivering his first policy speech since becoming chairman at Ohio State University.

He added that he would like to adopt a light-touch approach to regulation of the telecommunications industry.

Mr. Wheeler's remarks gave a clear indication that he wants to tame the dominance of the country's two biggest wireless carriers, viz. AT&T and Verizon Wireless, and provide small wireless carriers with a chance to buy spectrum in next year's auction.