President Barack Obama reaffirmed his support for net neutrality in a big way this week.

With the Federal Communication Commission weighing new rules for Internet companies, Obama doubled down on his 2008 promise to fight for net neutrality, a concept that all Internet traffic should be treated equally by providers. In doing so, Obama endorsed a significant change in the way the federal government classifies Internet companies that could shake up the entire industry.

The FCC will soon decide what steps, if any, it should take to regulate the Internet. In May, FCC Chairman Thomas Wheeler introduced a proposal that would allow broadband companies to charge for more for use of so-called "fast lanes." If approved, these fast lanes mean Internet providers could require companies to pay more to ensure users can access their website as speedily as possible. For example, Netflix might have to pay more to Comcast so that its subscribers are able to stream movies without constant buffering or diminished quality.

But it has other consequences. For example, opponents of this method say it creates barriers for young, small companies who don't have the means to pay this premium, thus protecting the existing large corporations and stifling competition. However, broadband companies say the government would be eliminating ways for them to raise revenue and make it harder for them to manage their network traffic efficiently.

Following some initial pushback from net neutrality advocates and two Democratic FCC commissioners, Wheeler also submitted an alternative option: Reclassify Internet providers as common-carrier telecommunications services, which would subject them to more FCC control.

It's this latter proposal that Obama backed in an online video posted Monday.

What does reclassification mean? It's highly technical but happens to be very important.

In 1996, Congress passed the Telecommunications Act and created different classifications for telecommunication services and other information services, defined as "offering of a capability for generating, acquiring, storing, transforming, processing, retrieving, utilizing, or making available information via telecommunications."

Telecommunication services, like telephone companies, are treated more like a utility. The federal government has oversight with considerable regulations. Telephones companies also have open access to the infrastructure and cables that go into every home, apartment and office. It's why you have a many options to choose from when you're deciding on a home phone service.

When it became clear the Internet was expanding into more homes, the FCC had to decide how to classify it. It chose to classify it as an information service. This meant Internet companies received less regulation and in many ways were responsible for building the infrastructure for providing their services, much like cable companies. It's also why people have fewer options in their areas from which to choose.

But times have changed considerably since that decision. Many households, if not most, no longer have a landline, and the Internet is considered a necessity for homes to connect and for businesses to thrive in the 21st century. It's under this premise that Obama backed a significant shift.

Obama has proposed reclassifying the Internet as a telecommunication service. Such a move "is a basic acknowledgement of the services (Internet service providers) provide to American homes and businesses, and the straightforward obligations necessary to ensure the network works for everyone — not just one or two companies," Obama said.

In his announcement, Obama also said he wants the FCC to ban Internet providers from blocking legal websites and from creating fast lines or slowing down speeds for certain sites, calling for "the strongest possible rules to protect net neutrality."

As it stands, the FCC does not have the authority to pass strict net neutrality rules. A federal court said as much after the FCC tried to do just that in 2010. But reclassifying the Internet would allow the FCC to regulate it more closely and require net neutrality. 

The impact could also open the door to more Internet companies entering marketplaces because the infrastructure to providing broadband services would suddenly be opened to everyone. That may foster competition and lead to innovation and lower prices. However, it may also result in fewer investments from companies to build infrastructure. Why would Comcast or Verizon spend the money to lay down more high-speed Internet cables if they are required to share it with competitors?

The merits of the policy decision will certainly be debated by Congress and the industry. And as Obama noted in his announcement, the FCC ultimately has the final say (though Wheeler, an Obama appointee, is the swing vote on a commission that also includes two Democrats and two Republicans). So this is not a resolved issue. It's also likely to face another legal challenge, no matter what the FCC decides to do.

But the strong statement from Obama indicates a renewed commitment to net neutrality and warrants an update on the Promise Meter.

This promise has been updated several times. We called it Promise Kept when the FCC first passed net neutrality rules in 2010, but shifted it to Stalled after the Court of Appeals for the District of Columbia Circuit struck down the rules and Wheeler proposed an alternative that included fast lanes.

With the latest announcement, we move this to In the Works.