Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Biden unveils pact with internet companies to reduce prices

Stock Markets May 09, 2022 04:10PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. FILE PHOTO: Internet LAN cables are pictured in this photo illustration taken in Sydney June 23, 2011. REUTERS/Tim Wimborne

By Alexandra Alper

WASHINGTON (Reuters) - Twenty internet providers, including Verizon (NYSE:VZ), Comcast (NASDAQ:CMCSA) and AT&T (NYSE:T), have committed to cutting prices or increasing internet speeds for millions of lower-income U.S. families, President Joe Biden said on Monday.

"This is a case where big business stepped up," said Biden, who was joined by Vice President Kamala Harris in the White House Rose Garden to announce the plan along with executives from companies that provide internet services.

The commitments are part of the Affordable Connectivity Program (ACP), part of an infrastructure law passed by Congress with support from Republicans and Biden's Democrats last year. It helps eligible American families reduce their internet bills by as much as $30 a month, the White House said.

With the new commitments, tens of millions of households that are eligible for the ACP will receive internet service free of charge, it said.

Households with low incomes can qualify for the program. Receiving federal assistance through other programs, such as food subsidies or the Medicaid low-income health insurance programs, also makes a household eligible.

Biden said the pandemic, with many people working from home, showed the importance of broadband.

"High-speed internet is not a luxury any longer, it's a necessity," he said.

A senior administration official told reporters on a conference call that the companies had made the commitments voluntarily. Biden directed people interested in the program to the website, Getinternet.gov.

(The story corrects savings of $30 a year to $30 a month, paragraph 3.)

Biden unveils pact with internet companies to reduce prices
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (9)
Brad Albright
Brad Albright May 09, 2022 6:08PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
This program will help households with incomes up to 200% of the federal poverty level. The top 15 states to get help are red states: Mississippi (41%), Alabama (36%), West Virginia (37%), etc. The bottom 10 to get help are Democratic states. https://www.kff.org/other/state-indicator/population-up-to-200-fpl/
Me comment
Me comment May 09, 2022 5:57PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
How about quantifying qualified households?
Brad Albright
Brad Albright May 09, 2022 5:57PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
About 28% of households nationwide. The 15 states getting the most assistance are red states. The 10 states getting the least help are blue states.
Brad Albright
Brad Albright May 09, 2022 5:44PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
The story correction is still wrong, Alexandra Alper. Why not just report the facts: qualified households will pay no more than $30 per month. That means if they are currently paying $70/month, their savings would be $40 per month. The failure to grasp the facts does not inspire confidence in this writer's ability.
Roger Miller
Roger Miller May 09, 2022 3:50PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Either you allow free markets to be more competitive through reduced government intervention, including regulation, or you allow government to centrally plan the market, which is what we have here.  Unfortunately this method will result in business' paying higher prices to subsidize the governments desires, which will ultimately be paid for by everyone else through higher inflation.
Jurgen Daub
Jurgen Daub May 09, 2022 3:50PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
sounds like a conspiracy between users, government and providers to lower cost. whats wrong with this onde if it bemefits all? those providers have made tons of profits increasing profitibility year after year, whats wrong for them to give something back?
Brad Albright
Brad Albright May 09, 2022 3:50PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
That's a false dichotomy dictated by dogma. The free market is not perfect, when it is deficient, government can play a role.
Brad Albright
Brad Albright May 09, 2022 3:30PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
This report is in error: The writer says the the plan would save people up to $30 per year. That's wrong. The plan, sponsored by Democrats and Republicans, would have households pay NO MORE than $30 per month. Get your facts straight please, Alexandra Alper.
Will Stewart
Will Stewart May 09, 2022 3:20PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
It is problematic that Unethical companies like Cox Communications and other companies with 10,000 Complaints and F- Ratings on the better business bureau get incentives and Subsidies. Try working on the horrible Unethics, first. Note, Cox is Not a party to this as they have no incentive to lower prices for Anybody, no matter how Poor. And, the companies that Do lower rates for some People, will Just raise it for Others and shuffle the cards around. If biden Really wants to help people, help consumers, he will Outlaw 'Mandatory Arbitration Agreements,' that dishonest companies take Full Advantage of to Abuse Middle Class Americans
Brad Albright
Brad Albright May 09, 2022 3:20PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
You are exactly correct. That is why you should be glad that Biden is putting teeth back into the Consumer Protection Agency created by Obama and gutted by Trump.
Connecticut Yankee
A_Jaundiced_Eye May 09, 2022 2:43PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
The poor are going to save THIRTY DOLLARS A YEAR ??? Wow, Partee...Partee.
Will Stewart
Will Stewart May 09, 2022 2:43PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
I think that *may be a Typo. I think they meant to say "Up To" $30 a month.
Brad Albright
Brad Albright May 09, 2022 2:43PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
The writer is incorrect. The plan would have households pay no more than $30/month.
Jam Tha
Jam Tha May 09, 2022 2:42PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
lol sleepy worried about internet high prices instead commodity energy..
jason xx
jason xx May 09, 2022 5:29AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
If one does not qualify for all these programs they live In poverty by paying full price for everything. How is that fair? 50% of housing is owned by investors so regular people can't afford a home. The system *****maybe it should collapse
Brad Albright
Brad Albright May 09, 2022 5:29AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
carlos boyd Dear Mr. White Supremacist, this plan does not favor one race over another.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email