White House unveils pact with internet companies to reduce prices By Reuters

WILMINGTON, Del. (Reuters) – President Joe Biden’s administration has secured commitments from 20 internet providers including Verizon (NYSE:), Comcast (NASDAQ:) and AT&T (NYSE:) to cut prices or increase internet speeds for millions of U.S. families, administration officials said.

Biden and Vice President Kamala Harris will unveil the agreements on Monday at a ceremony with executives from companies that provide internet services.

The commitments are part of the Affordable Connectivity Program (ACP), which is an aspect of the infrastructure law passed with support from Republicans and Democrats last year. It helps eligible American families reduce their internet bills by as much as $30 a year, 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.

A senior administration official told reporters on a conference call that the companies had made the commitments voluntarily.