The FCC has the authority to regulate subjectively "obscene" speech or imagery in broadcasts in clear violation of the first amendment. This actually doubly violates the first amendment because the standards of "decency" given are obviously derived from Judeo-Christian tradition.
There is no compelling reason for this type of censorship to occur. There are no accepted studies demonstrating that exposure to material the FCC claims as "obscene" actually harms children (or anyone else) in any way. Countries with vastly different censorship laws are actually living proof to the contrary.
Leaving these powers in the hands of the FCC is a waste of time and money, as well as an obvious breach of personal liberties. Sounds like a good place for government cutbacks.