; (2) an analysis of the financial impact of those filing requirements on covered carriers participating in a Universal Service Fund program; and (3) recommendations, if any, on how to consolidate redundant filing requirements for covered carriers participating in a Universal Service Fund program. (c) Rulemaking (1) New or ongoing rulemaking Except as provided in paragraph (3), not later than 60 days after the date on which the report is submitted under subsection (b), the Commission shall— (A) (i) initiate a rulemaking to consolidate redundant filing requirements for covered carriers participating in a Universal Service Fund program; and (ii) incorporate into the rulemaking under clause (i), and as part of that rulemaking seek comment on, the recommendations described in subsection (b)(3), if any, except to the extent that doing so would violate the requirements of the Administrative Procedure Act; or (B) incorporate into an ongoing rulemaking relating to consolidating redundant filing requirements of the Commission, and as part of that rulemaking seek comment on, the recommendations described in subsection (b)(3), if any, except to the extent that doing so would violate the requirements of the Administrative Procedure Act. (2) Waste, fraud, and abuse In a rulemaking in which the Commission is required under paragraph (1) to seek comment on the recommendations described in subsection (b)(3), if any, the Commission shall also seek comment on and consider whether the benefit of each recommendation is outweighed by any potential increased risk of waste, fraud, and abuse in the Universal Service Fund program affected by the recommendation. (3) Previous rulemaking Paragraph (1) shall not apply if, on or before the date on which the report is submitted under subsection (b), the Commission completes a rulemaking to consolidate redundant filing requirements for covered carriers participating in a Universal Service Fund program.