FCC Chairman Tom Wheeler: This Is How We Will Ensure Net Neutrality | WIRED: (excerpt below, emphasis added, read more at WIRED link above):
"... The phone network’s openness did not happen by accident, but by FCC rule. How we precisely deliver that kind of openness for America’s broadband networks has been the subject of a debate over the last several months. Originally, I believed that the FCC could assure internet openness through a determination of “commercial reasonableness” under Section 706 of the Telecommunications Act of 1996. While a recent court decision seemed to draw a roadmap for using this approach, I became concerned that this relatively new concept might, down the road, be interpreted to mean what is reasonable for commercial interests, not consumers. That is why I am proposing that the FCC use its Title II authority to implement and enforce open internet protections. Using this authority, I am submitting to my colleagues the strongest open internet protections ever proposed by the FCC... my proposal will modernize Title II, tailoring it for the 21st century, in order to provide returns necessary to construct competitive networks. For example, there will be no rate regulation, no tariffs, no last-mile unbundling. Over the last 21 years, the wireless industry has invested almost $300 billion under similar rules, proving that modernized Title II regulation can encourage investment and competition. Congress wisely gave the FCC the power to update its rules to keep pace with innovation. Under that authority my proposal includes a general conduct rule that can be used to stop new and novel threats to the internet. This means the action we take will be strong enough and flexible enough not only to deal with the realities of today, but also to establish ground rules for the as yet unimagined..."
See also: Fact Sheet (FCC): Chairman Wheeler Proposes New Rules for Protecting the Open Internet (pdf)