On Thursday Federal regulators are going to reveal their plan of overhauling the $8 billion fund, subsidizing phone service in rural areas and for the poor, with the goal to redirect the money toward broadband expansion.

The Federal Communications Commission is also pares in disclosing the latest rules for the byzantine system, governing how phone companies pay each other for phone calls. It is a system that, almost everyone in the industry has the same opinion, is outdated and leads to perverse schemes by carriers in stimulating certain kinds of phone traffic.