((a)) ** Biennial review of regulations** In every even-numbered year (beginning with 1998), the Commission—
((1)) shall review all regulations issued under this chapter in effect at the time of the review that apply to the operations or activities of any provider of telecommunications service; and
((2)) shall determine whether any such regulation is no longer necessary in the public interest as the result of meaningful economic competition between providers of such service.
((b)) ** Effect of determination** The Commission shall repeal or modify any regulation it determines to be no longer necessary in the public interest.