To most people, myself included, the FCC its actions and rules are rather difficult to grasp. I've been dealing with the FCC and its rules professionally since the early 1980s, including writing simplified summaries for management. So I thought that perhaps I can clear up some of the mystery with a simplified summary of how the rules pertain to broadband.
The FCC's primary purpose is to prevent interference in the entire electromagnetic spectrum, from DC to daylight. This is partially intended to prevent monopolistic actions caused by companies intentionally interfering with competitors signals. Intentional interference had actually happened before the FCC existed, large radio stations in the early 20th century would adjust their signal in such a way that all competitors signals where effectively unusable thereby capturing 100% exclusive market share in radio for a region. In summary the FCC's basic governing principle for its rules is: Thou shall not interfere. FYI - this is what those FCC labels and notices on electronic equipment are all about, can't have your PC interfere with your neighbors TV reception.
The FCC's authority comes from a law passed by Congress. Like all federal agencies they are only allowed to create rules to implement the law, they can not change the law in any way, only Congress can do that. The law that the FCC creates rules to enforce is the Telecommunications Act. The Act specifies only a few classes of services and devices and the FCC is required to fit all potentially interfering services & devices into one of those classes. The classes are roughly: broadcast, telephone, cable TV, accidental and information. The original intent of the information class was to regulate telegraph/teletype services. The information services had a very low probability of creating interference so Congress severely limited what rules the FCC could create for that class. If the citizens of the USA wanted to prevent blocking of particular stocks from appearing on the ticker tape we were meant to use the SEC for that type of rule not the FCC.
The last revision of the Telecommunications Act was in 1996, when broadband wide area networking was practically non-existent for consumers. As broadband grew over the years the FCC needed to regulate it to prevent electrical interference with other services. Since by law the FCC couldn't add a new class of service they had to pick the exiting one most similar electrically to broadband that gave them sufficient authority to prevent interference. So they chose the information class to use for broadband wide area networking. As I mentioned above this class severely limited the FCC's authority to regulate broadband service providers. This is why the courts threw out the FCC's first attempt at network neutrality rules.
It would have been much better if the Congress had updated the Telecommunications Act to add a new class with more appropriate limitations for broadband wide area networking. The sad fact is that due to a combination of many factors Congress has thus far been unwilling to revise the law so the FCC had no choice other than to move broadband wide area networking from the information class to the telecommunication class.
The change in classification unfortunately allows the FCC to enforce rules that are completely inappropriate for broadband. These include things like banning language that many citizens consider offensive. The FCC does not have to enforce those rules on broadband because the Telecommunications Act allows them to exempt some services/devices from general rules for a class. While I hope they will keep their promise to not apply the inappropriate rules, I still hope that some day Congress will get off their butts and revise the Telecommunications Act to create a new class more appropriate for broadband wide area networking.