The Federal Communications Commission (FCC) is seeking comment on its proposal, approved\u00a0Thursday, to replace its current net neutrality rules. It passed by a 2-1 vote a proposal by FCC chairman Ajit Pai, announced last month, for a new plan to replace the existing Open Internet order, also referred to as Title II. The proposal would reclassify broadband Internet as a more lightly-regulated Title I service, and includes a public consultation on rules the commission imposed in 2015 that forbid Internet service providers (ISPs) from paid prioritization, blocking or throttling of Internet traffic. In his statement accompanying the announcement, FCC Chairman Ajit Pai said common carrier compliance has held back small Internet service providers from competing. He said with broadband rate regulation on the horizon, \u201ccompanies investing in next-generation networks hesitated to build or expand networks, unsure of whether the government would let them compete in the free market.\u201d While Commissioner Michael O\u2019Reilly approved the proposal, commissioner Mignon Clyburn dissented, arguing in a statement that simply removing regulations won\u2019t \u201cimprove your service\u201d or \u201cpass along discounts.\u201d Moody\u2019s Investor Services said in a report Friday the move to eliminate common carrier classification will be positive for industry players. For Internet service providers, it will allow them to invest in their businesses with more flexibility and pricing discretion, while wireless operators will benefit from light regulation at a time when the industry is searching for new revenue sources.