August 28, 2003
Verizon asks to raise rates 50%
Gee, how shocking. The phone companies, who wrote this bill regulating themselves, are now using the law to screw consumers. From Tampabay: the SP Times:
The PSC must approve or reject the requests within 90 days. If approved, the increases would go into effect immediately.
The new state rules on phone rates, which were crafted by the major phone companies, permit them to increase their base phone rates if they agree to corresponding decreases in the fees they charge long-distance providers to access their networks.
The law marked a dramatic easing in Florida's regulation of phone rates, which until recently had permitted base rates to increase 1 percentage point less than the rate of inflation.
The major phone companies argued that the changes would benefit consumers because wider profit margins for local phone services would encourage more companies to enter the market, spur competition and expand consumer choice. They also noted the law requires long-distance companies to pass along their cost savings to customers.
Consumer advocates scoffed at that, arguing long-distance rates aren't regulated so any customer savings could be short-lived.
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