The U.S. Federal Communications Commission voted 2-1 on Thursday to advance a Republican plan to reverse the Obama administration's 2015 "net neutrality" order.
FCC Chairman Ajit Pai wants the commission repeal the rules that reclassified internet service providers as if they were utilities. He thinks the open internet rules adopted under former President Barack Obama, a Democrat, were unnecessary and harm jobs and investment.
"We propose to repeal utility-style regulation," Pai said on Thursday. "This is the right way to go."
Stocks of major internet providers rose on Thursday.
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