The cosmic microwave background spectrum measured by the FIRAS instrum
ent on NASA's COBE is indistinguishable from a blackbody, implying str
ingent limits on energy release in the early universe later than the t
ime t=1 yr after the big bang. We compare the FIRAS data to previous p
recise measurements of the cosmic microwave background spectrum and fi
nd a reasonable agreement. We discuss the implications of the y<2.5x
10(-5) and mu<3.3x10(-4) 95% confidence limits found by Mather et al
. (1994) on many processes occurring after t=1 yr, such as explosive s
tructure formation, reionization, and dissipation of small-scale densi
ty perturbations. We place limits on models with dust plus Population
III stars, or evolving populations of IR galaxies, by directly compari
ng the Mather et al, spectrum to the model predictions.