AT&T, Verizon say net neutrality rules will neutralize Internet innovation

The FCC is putting place strident new regulation on wireless and wireline networks in order to stop such practices as throttling traffic and coercing video programmers to make interconnection agreements. However, telco giants AT&T (NYSE: T) and Verizon (NYSE: VZ) say the FCC's new net neutrality rules will merely drive up consumer costs and stifle private investment into networks. 

"The FCC's move is especially regrettable because it is wholly unnecessary," said Michael E. Glover, senior VP of public policy and government affairs for Verizon, in a statement. "The FCC had targeted tools available to preserve an open Internet, but instead chose to use this order as an excuse to adopt 300-plus pages of broad and open-ended regulatory arcana that will have unintended negative consequences for consumers and various parts of the Internet ecosystem for years to come."

Click here to FierceTelecom to read a complete response by AT&T and Verizon to the new rules.