Major Internet firms are getting some unexpected help from the U.S. financial sector in their bid to stop Congress from allowing Internet providers to charge Web publishers extra for faster access to
their content. Companies that sell products and services online want Congress to adopt stricter measures to make sure they're not pushed into "slower lanes" of traffic if they don't pay network
operators extra money. AT&T BellSouth Corp. and Verizon Communications plan to sell tiers of service based on speed, reliability and security. Several financial firms warned Congress the telecoms'
plan would amount to billions in added costs to maintain offerings like online banking. A memo circulating among financial services lobbyists--who are more experienced in Washington than their
Internet peers--notes that the added costs would certainly affect their companies' bottom line. "Net neutrality is an issue that (financial services) firms ignore at their peril," Philip Corwin, a
partner at Washington law firm Butera & Andrews, wrote in the memo. Telecom company representatives told Reuters the issue has nothing to do with financial service, and action by Congress would deter
the telecoms' ability to invest in faster networks. Several versions of the Network Neutrality Bill are being considered in Congress.
Read the whole story at Reuters.com »