President Obama Calls for Net Neutrality, Cable Companies Decline

President Barack Obama issued a statement on Monday calling for the concept of 'net neutrality,' urging the Federal Communications Commission to ensure that cable companies cannot dictate what Internet users do or see online. President Obama said he's asking the FCC to reclassify Internet service under Title II of the Telecommunications Act. He said, 'In plain English, I'm asking them to recognize that for most Americans, the Internet has become an essential part of everyday communication and every day life.' Obama said he urges the FCC to make sure that consumers, not cable companies, get to decide which Internet sites they use. Cable company stocks like Comcast, Cablevision and Charter Communications were falling on Monday following the president's statement.