Expresses the sense of the Senate that the proposed divestiture of the American Telephone and Telegraph Company be examined with a view toward protecting: (1) telephone users from rate increases; (2) the interests of Bell System shareholders; and (3) the viability of local operating companies. Directs the General Accounting Office to begin a report to Congress on the likely effects of the proposed divestiture. Calls for the abandonment of the proposed divestiture if the public interest would not be served.