It passed! I think this is a good thing. It protects consumers and businesses alike, to ensure that a business on the internet has enough internet speed so as not to discourage users from using its site, and prevents telecom companies from blackmailing them (pay us a "special fee" every year, and we'll protect you against us; otherwise, we'll slow down your speed so that you won't get any traffic). That ensures that we the consumers will get search results that are more reflective of what's out there on the internet, and not just results from the bigger businesses that have paid the "special fees."
The internet was net neutral in the beginning. Along the way the telecom companies devised this scheme to blackmail businesses, so that they were not only gouging consumers, they could gouge businesses, too.