An anonymous reader quotes a report from Ars Technica: The Federal Communications Commission is still on track to eliminate net neutrality rules this Thursday, but the commission said today that it has a new plan to protect consumers after the repeal. The FCC and Federal Trade Commission released a draft memorandum of understanding (MOU) describing how the agencies will work together to make sure ISPs keep their net neutrality promises. After the repeal, there won't be any rules preventing ISPs from blocking or throttling Internet traffic. ISPs will also be allowed to charge websites and online services for faster and more reliable network access. In short, ISPs will be free to do whatever they want -- unless they make specific promises to avoid engaging in specific types of anti-competitive or anti-consumer behavior. When companies make promises and break them, the FTC can punish them for deceiving consumers. That's what FCC Chairman Ajit Pai and Acting FTC Chair Maureen Ohlhausen are counting on. "Instead of saddling the Internet with heavy-handed regulations, we will work together to take targeted action against bad actors," Pai said in a joint announcement with the FTC today.