Federal Communications Commission Chairman Julius Genachowski claimed power to regulate companies that provide Internet access, opening a fight with cable and telephone companies and sparking opposition from Republicans. Comcast Corp., Time Warner Cable Inc. and Cablevision Systems Corp., cable operators that sell Web connections, fell more than 5 percent in New York trading. Genachowski’s proposal lays a foundation for net neutrality rules to bar Internet service providers from interfering with users’ traffic. The plan provides “only the modest authority” needed after a U.S. court stripped its power over the Web, Genachowski, a Democrat, said today in a statement.

[Not directly FOSS related but of interest to our readers I think. - Scott]