Yesterday, the U.S. government renewed it's contract with the
Internet Corporation for Assigned Names and Numbers through to 2011. ICANN is the non-profit organization that administers the overall naming and addressing rules of the Internet such as which companies get to sell domain names, which new Top Level Domains (TLDs) can be added (i.e. .com, .net, .tv etc...), managing the "root" zone and portioning out IP addresses to major carriers.
The U.S. Department of Commerce maintains much of the physical infrastructure such as the U.S. controlled root DNS servers and the master root file (the file that designates all primary root servers). There has been a lot of concern recently over the U.S. government having control of essentially the core administrative function of the Internet and last year there was the beginnings of an international effort to take that control away and place it with an organization like the United Nations. In response the U.S. said that it did intend to eventually turn over control to the international community but has yet to come out with any details or a timetable.
For more details on the deal between ICANN and the U.S. Dept of Commerce, check out the story on News.com