Homepage / Technology / Senate Democrats win the vote on net neutrality, a centerpiece of their 2018 strategy
Amazon says this Prime Day was its biggest shopping event ever Kudlow says President Trump is 'so dissatisfied' with China trade talks that he is keeping the pressure on As stocks regain their footing, an ominous warning looms Goldman Sachs downgrades Clorox to sell, says valuation is 'unsustainably high' How Satya Nadella has spurred a tripling of Microsoft's stock price in just over four years Kudlow says economic growth could top 4% for 'a quarter or two,' more tax cuts could be coming The one chart that explains Netflix’s stunning comeback US housing starts plunge 12% in June to a nine-month low Aerospace titans Boeing and Airbus top $110 billion in orders at Farnborough Target uses Prime Day to its advantage, logging its 'biggest online shopping day' so far this year Billionaire Marc Lasry sees bitcoin reaching up to $40,000 as it becomes more mainstream and easier to trade These are the 10 US airports where you're most likely to be hacked Amazon shares slightly higher as investors await Prime Day results Wreck of Russian warship found, believed to hold gold worth $130 billion A bullish ‘phenomenon’ in bond market is weeks away from fading, top credit strategist says Stocks making the biggest moves premarket: MS, GOOGL, TXN, UAL, NFLX & more Twitter shares up 50% since late April means most upside priced in, analyst says in downgrade EU fines Google $5 billion over Android antitrust abuse Mortgage applications fall 2.5% as buyers struggle to find affordable homes America may not have the tools to counter the next financial crisis, warn Bernanke, Geithner and Paulson Investors are getting spooked as the risk of a no-deal Brexit rises EU expected to fine Google $5 billion over Android antitrust abuse Ex-FBI chief James Comey urges Americans to vote for Democrats in midterm elections Elon Musk apologizes to British cave diver following baseless 'pedo guy' claim Disney, Comcast and Fox: All you need to know about one of the biggest media battles ever Xiaomi shares notch new high after Hong Kong, mainland China stock exchanges reach agreement The trade war is complicating China's efforts to fix its economy European markets set for a strong open amid earnings; Google in focus Hedge fund billionaire Einhorn places sixth in major poker tournament The biggest spender of political ads on Facebook? President Trump Asian stocks poised to gain after Fed's Powell gives upbeat comments; dollar firmer Stocks are setting up to break to new highs Not all FAANG stocks are created equal EU ruling may be too little, too late to stop Google's mobile dominance Cramer explains how Netflix's stock managed to taper its drop after disappointing on earnings Airbnb condemns New York City's 'bellhop politics,' threatens legal retaliation Amazon sellers say they were unfairly suspended right before Prime Day, and now have two bad choices Investor explains why 'duller' tech stocks can have better returns than 'high-flying' tech names Elon Musk is 'thin-skinned and short-tempered,' says tech VC Texas Instruments CEO Brian Crutcher resigns for violating code of conduct Google Cloud Platform fixes issues that took down Spotify, Snapchat and other popular sites Uber exec: We want to become the 'one stop' transportation app 'What a dumb hearing,' says Democrat as Congress grills tech companies on conservative bias Amazon shares rebound, report says Prime Day sales jumped 89 percent in first 12 hours of the event How to put your medical history on your iPhone in less than 5 minutes Investment chief: Watch these two big events in 2018 Even with Netflix slowing, the market rally is likely not over Cramer: Netflix subscriber weakness debunks the 'sky's the limit' theory on the stock Netflix is looking at watch time as a new area of growth, but the competition is stiff Why Nobel laureate Richard Thaler follows Warren Buffett's advice to avoid bitcoin Rolls-Royce is developing tiny 'cockroach' robots to crawl in and fix airplane engines After Netflix plunge, Wall Street analysts forecast just tame returns ahead for the once high-flying FANG group Roku shares rise after analyst raises streaming video company's price target due to customer growth China is investing 9 times more into Europe than into North America, report reveals Amazon says US Prime Day sales 'so far bigger than ever' as glitch is resolved Netflix is on pace for its worst day in two years US lumber producers see huge opportunity, rush to expand San Francisco to consider tax on companies to help homeless Homebuilder sentiment, still high, stalls as tariffs, labor and land drive up costs Powell backs more rate hikes as economy growing 'considerably stronger' Netflix history is filled with big stock declines – like today – followed by bigger rebounds Intel shares get downgraded by Evercore ISI due to rising competition from Nvidia, AMD Petco aims to reinvent the pet store with something you can't buy online Genetic testing is coming of age, but for consumers it's buyer beware Tech 'FAANG' was the most-crowded trade in the world heading into the Netflix implosion, survey shows Netflix weak subscriber growth may indicate a 'maturity wall' that could whack the stock even more: Analyst This chart may be predicting the bull market's demise Wall Street says Netflix's stock plunge is a ‘compelling’ buying opportunity because the streaming giant ‘never misses twice’ Tesla sinks after Musk tweets, again Boeing announces new division devoted to flying taxis Stocks making the biggest move premarket: NFLX, UNH, GS, AMZN, WMT & more Deutsche Bank downgrades Netflix, but says big subscriber miss is not 'thesis changing' IBM is experimenting with a cryptocurrency that’s pegged to the US dollar North Korea and Zimbabwe: A friendship explained Virgin Galactic spinoff Orbit to launch rockets from the UK with space deal Artificial intelligence will create more jobs than it destroys? That’s what PwC says ‘Treasonous’ Trump and ‘Putin’s poodle:' Scathing headlines follow the Trump-Putin summit China’s fintech companies offer ‘enormous’ opportunity, investment manager says Trump's performance at summit with Putin was 'unprecedented,' experts say Walmart and Microsoft link up on cloud technology as they both battle Amazon European stocks seen mixed amid earnings; Fed’s Powell to address Congress How I knew I should quit my day job and run my start-up full-time: Viral website founder China's stocks have been trounced, but the trade war may ultimately be good news for those shares Billionaire tech investor Peter Thiel bets on crypto start-up Block.one Asian shares subdued open after mixed close on Wall Street; energy stocks under pressure Amazon cloud hits snags after Amazon Prime Day downtime Netflix isn't doomed by one quarter unless people start questioning the long-term investor thesis Tech stocks set to sink on Tuesday after rough evening for ‘FANG’ Netflix plummets after missing big on subscriber growth This wristband lets humans control machines with their minds The U.S. has a rocky history convincing Russia to extradite computer criminals Amazon suffers glitches at the start of Prime Day Jeff Bezos is now the richest man in modern history 'The United States has been foolish': Read Trump and Putin's full exchange Goldman Sachs recommends these 5 highly profitable companies — including Nvidia — to combat rising inflation Goldman Sachs releases 'tactical' stock picks for this earnings season Three red flags for Netflix ahead of its earnings report The bond market may be raising recession fears, but don't expect one anytime soon Cramer: Banks are 'making fortunes' but are still as hated as they were during the financial crisis Putin told Trump at summit: Russia never meddled in US election

Technology

Senate Democrats win the vote on net neutrality, a centerpiece of their 2018 strategy

WASHINGTON — Senate Democrats narrowly won a vote on Wednesday to save so-called net neutrality rules that ensure unobstructed access to the internet.

The Senate passed a resolution in a 52-47 vote to overturn a decision last December by the Federal Communications Commission to dismantle Obama-era rules that prevented broadband providers like Verizon and Comcast from blocking or speeding up streams and downloads of web content in exchange for extra fees. The commission’s repeal of net neutrality is set to take effect in a few weeks.

The rare victory for Democrats is sure to be short-lived, with a similar resolution expected to die in the House, where Republicans have a larger majority. Only three Republican senators voted in support of the resolution.

But that’s beyond the point. The effort to stop the repeal of net neutrality rules is part of a broader political strategy by Democrats to rally young voters in the November elections.

“Contact your Republican senator,” Senator Chuck Schumer, the Senate minority leader, said in a speech before the vote. “See who votes for net neutrality and who votes against. And let them know how you feel about the way they voted.”

For Democrats, net neutrality is part of a three-legged stool — internet access, gun control and marijuana legalization — they are leaning on to entice young voters to engage in the midterm elections. Such voters broadly side with Democrats, even though they are notoriously complacent in nonpresidential election years.

“So the Democratic position is very simple: Let’s treat the internet like the public good that it is,” Mr. Schumer said.

It is unclear if net neutrality still holds the same interest that set off nationwide protests last December when the F.C.C., led by chairman Ajit Pai, a President Trump appointee, dismantled the rules. Tech companies and consumers decried the commission’s action as a major reshaping of the internet, because it would allow broadband providers to create fast lanes for websites that pay to make sure their content, like streaming video, gets priority delivery. Few changes to internet service are expected to come right away.

But it is not stopping Democrats from trying to use it to their advantage. They have been making a similar push on gun control, an issue that grabbed the attention of young people after a gunman slaughtered 17 students and staff members at Florida’s Marjory Stoneman Douglas High School in February. And Mr. Schumer has plans to introduce a bill next month that would legalize marijuana.

Republicans were unable to prevent the vote, despite being in the majority, because the measure was tied to an action by a federal agency. The measure, brought as part of the Congressional Review Act, needed only to be brought up within a short period once the agency’s rules were codified, and needed only a majority of votes to pass.

Senator John Thune, Republican of South Dakota and the chairman of the commerce committee, called the vote on net neutrality “political theater.”

“We are having a fake argument,” Mr. Thune said about the vote. He said the Senate “is going nowhere, my colleagues on the other side know that.”

Mr. Thune and other Republican lawmakers have proposed their own net neutrality legislation. The law would restore parts of the Obama-era rules, but it would not categorize broadband providers as common-carrier providers that need to follow utility-style rules, which many Democrats consider essential.

“The heavy hand of government is plain to see in the plan Democrats passed in 2015 and is now seeking to reimpose,” Mr. Thune said.

Cable, wireless and telecom companies also support the creation of a law for net neutrality that is not as strict as the 2015 regulations, which were created by Tom Wheeler, the former chairman of the F.C.C.

The heads of major trade groups warned Senate leaders of great harm from the net neutrality rules.

The regulations “would curb the necessary investment and infrastructure improvements that are critical for connecting more Americans to high-speed broadband and enabling wider internet access, especially in poor and rural areas,” they wrote in a letter to Senator Mitch McConnell, Republican of Kentucky and the majority leader, and Mr. Schumer this week.

The broadband providers have warned that the net neutrality rules and the designation of broadband as a utility-like service could make high-speed internet service subject to rate regulations at the F.C.C. The companies have the backing of the vast majority of Republicans.

The three Republican senators who voted on Wednesday in favor of restoring rules — Susan Collins of Maine, Lisa Murkowski of Alaska and John Kennedy of Louisiana — have complained about the lack of broadband internet competition in their states. Mr. Kennedy said one-fifth of Americans have access to only one provider of broadband internet with sufficient speeds for most modern needs like streaming video.

“The vote comes down to one thing and one thing only: the extent to which you trust your cable company,” he said.

Many Silicon Valley start-ups and consumer groups are in support of the stricter rules and have been backing Democrats on the issue. Dozens of tech start-ups, including Pinterest, Medium, Redfin and Etsy, wrote to Senate leaders in support of the vote to restore the broadband rules.

“The repeal of open internet protections threatens the very foundation of the internet,” the companies wrote in their letter. “The F.C.C. has abandoned its long history of net neutrality protections and left consumers and businesses without essential protections for their lives and work online.”

The congressional battle over net neutrality is just one of many fights taking place over the rules. States have been active in bringing back rules, even with the F.C.C.’s instructions last December that states cannot directly create new rules.

Instead, governors and state legislators in California, Montana, New York and Washington have ordered that any public contracts with broadband providers would require the telecom companies to follow net neutrality rules.

A lawsuit to overturn the F.C.C.’s vote on net neutrality is expected to go to trial in a federal court this summer.

Reporting was contributed by Thomas Kaplan.

(Disclosure: Comcast is parent of NBCUniversal and CNBC.)

Source: Tech CNBC
Senate Democrats win the vote on net neutrality, a centerpiece of their 2018 strategy

Comments are closed.