FCC set to repeal net neutrality rules

The Federal Communications Commission has announced a plan to repeal Obama-era net neutrality rules that require internet providers to give equal treatment to all internet traffic.

The new proposal calls for what Chairman Ajit Pai described in the Wall Street Journal as "light-touch regulations" that put companies—not the government—in control to hopefully spur more innovation.

But Tom Wheeler, FCC chairman under President Obama, called this move "tragic" and "shameful." He oversaw the agency when the Open Internet Rule was passed. He said that action was a resounding success.

Current Chairman Pai has said that repealing the Open Internet Rule will increase competition. But Wheeler isn't holding back. He told Fox 5 that is a "scam" that will hurt consumers.

"Say goodbye to open internet and say hello to controlled internet," he said.

The official text of the FCC proposal will be introduced Wednesday. FCC commissioners will vote on it on December 14. Republicans have a 3-to-2 majority on the commission, so the proposal is expected to pass along party lines.