Yes... by design.

All those little approvals we wait for with every new device sold in the US or the licenses that broadcasters need to operate are controlled by the FCC. True it is just a regulatory agency however regulatory agencies exercise autonomous authority over our day to day lives and can on a whim instantly revoke a license to operate, practice, or even exist.
Reinstatement could take a Supreme Court ruling, an act of congress or other legislative act which could take months or even years to accomplish.