President Obama Pushes For Net Neutrality

In a statement Monday, President Barack Obama is calling for the FCC to reclassify consumer broadband service under Title II of the Telecommunications Act, which will give it the same treatment as a utility, making it subject to common-carrier regulations originally set up for wireline phone networks.

FCC Chairman Wheeler, who recently proposed a less stringent mandate, agreed with the reclassification, saying:

"The President's statement is an important and welcome addition to the record of the Open Internet proceeding. Like the President, I believe that the Internet must remain an open platform for free expression, innovation, and economic growth. We both oppose Internet fast lanes. The Internet must not advantage some to the detriment of others. We cannot allow broadband networks to cut special deals to prioritize Internet traffic and harm consumers, competition and innovation."

One winner could be Netflix, Inc. NFLX, which has aggressively pursued net neutrality rules. The company recently tweeted:

Cable providers, such as Comcast Corporation CMCSA, appear to be taking the negative effect of the new proposals.

Shares of Netflix were trading higher by 0.74 percent at $387, while shares of Comcast were sharply lower, down 3.83 percent at $53.03.