The document summarizes wireless spectrum policy in the United States in 2016 and discusses potential future policy directions. It provides an overview of spectrum characteristics, increasing demand but constrained supply, the history of spectrum policy, current federal and non-federal allocation and management, recent auctions that generated billions for the Treasury, and proposals to repurpose underutilized federal spectrum through incentive auctions, geographic sharing, and overlay license auctions. The goal is to increase commercial access and use of spectrum to spur innovation while balancing federal needs.