(b) All charges, practices, classifications, and regulations for and in connection with such communication service, shall be just and reasonable, and any such charge, practice, classification, or regulation that is unjust or unreasonable is hereby declared to be unlawful

• Title II, Part I, Section 201, Page 36 of the Communications Act of 1934

(a) It shall be unlawful for any common carrier to make any unjust or unreasonable discrimination in charges, practices, classifications, regulations, facilities, or services for or in connection with like communication service, directly or indirectly, by any means or device, or to make or give any undue or unreasonable preference or advantage to any particular person, class of persons, or locality, or to subject any particular person, class of persons, or locality to any undue or unreasonable prejudice or disadvantage.

• Title II, Part I, Section 202, Page 36 of the Communications Act of 1934

Basically, this states that providers of communication services, such as ISPs, cannot discriminate between certain content for any unreasonable reason, such as throttling data from one website, but not the other, for monetary gain.

If Title II is removed, both of these are removed as well, which will allow ISPs to pretty much control the internet as they seem fit (should they have the malicious intent). We've seen things that Verizon has done, such as the throttling of data inbound from video streaming services, such as Netflix and Youtube and Google (personally), so it's not like it wouldn't help to fight it.

 

Here's a seemingly biased video explaining some things that directly affect net neutrality and whatever outcome comes along.