It’s a big day for net neutrality. FCC Chairman Julius Genachowski officially endorsed net neutrality as the policy for the FCC:

I believe we must choose to safeguard the openness that has made the Internet a stunning success. That is why today, I delivered a speech announcing that the FCC will be the smart cop on the beat when it comes to preserving a free and open Internet.

In particular, I proposed that the FCC adopt two new rules to help achieve this.

The first says broadband providers cannot discriminate against particular Internet content or applications. The second says broadband providers must be transparent about their network management practices. These principles would apply to the Internet however it is accessed, though how they apply may differ depending on the access platform or technology used. Of course, network operators will be permitted to implement reasonable network management practices to address issues such as spam, address copyright infringement, and otherwise ensure a safe and secure network for all users.

I also proposed that the FCC formally enshrine the four pre-existing agency policies that say network operators cannot prevent users from accessing the lawful Internet content, applications, and services of their choice, nor can they prohibit users from attaching non-harmful devices to the network.

Perhaps more importantly, it looks like he has the votes to pass it through the FCC and make it into policy.

Congressman Markey, "co-author of legislation that would establish national broadband policy and ensure an open and consumer-oriented Internet," immediately had a statement of support as well, as did Speaker Pelosi

We are on the verge of a huge victory for the open Internet – the tool that has nurtured blogs and created this form of world-wide communication so many take for granted. With net neutrality as the law of the land, the kind of grassroots innovation we’ve witnessed can continue.

Of course, the devil is in the details.

The meaning of the words "reasonable network management" matter. Internet service providers (telephone companies, cell phone companies, cable companies, and other telecoms) will use their lobbyists to push for the loosest, most business friendly net neutrality rules possible, to give them the "freedom" to block content they don’t like or charge you and I more for faster service on certain websites. They don’t want to be regulated like utilities, forced to carry Internet traffic regardless of its source. They’d much rather charge big companies like Google for faster service, leaving smaller outfits – small blogs, for example – in the slow lane.

Still, the chairman of the FCC outlining net neutrality rules that apply to all Internet communications is a huge step forward, and the fact that he has support from Congress as well as most likely has the votes in the FCC makes this announcement even more of an achievement.

If and when net neutrality becomes reality, it will be an Obama campaign promise fulfilled and a fundamental right of the Internet enshrined into law.