Obama Backs Net Neutrality

WASHINGTON (AP) -

President Barack Obama on Monday embraced a radical change in how the government treats internet service, coming down on the side of consumer activists who fear slower download speeds and higher costs but angering Republicans and the nation’s cable giants who say the plan would kill jobs.

Obama called on the Federal Communications Commission to more heavily regulate Internet providers and treat it as much as it would any other public utility. He said the FCC should explicitly prohibit Internet providers like Verizon and AT&T from charging data hogs extra to move their content more quickly. The announcement sent cable stocks tumbling.