Obama Calls On FCC To Reclassify Internet To Implement Tough Net Neutrality Rules

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This is a surprise that will thrill net neutrality supporters — but is already contributing to a sharp drop this morning in the stock prices for cable broadband providers including Comcast, Time Warner Cable, and Charter. President Obama said, in a statement, that the FCC should “reclassify consumer broadband service under Title II of the Telecommunications Act” — giving the agency broad authority to regulate the Internet as a phone-like communications service and a clear path to establish strong net neutrality rules. But he also asked regulators to promise not to dictate rates or rule on “other provisions less relevant to broadband services.”

“This is a basic acknowledgment of the services ISPs provide to American homes and businesses, and the straightforward obligations necessary to ensure the network works for everyone — not just one or two companies,” the President says.

The statement takes the president into a highly charged debate as…

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