There is very very little that the US Federal Government does well. Everything they touch seems to turn to crap. If they start regulating the internet under the guise of "Fairness" it will go from rocking to suck very fast.
As for the argument of telco monopolies, they are rapidly becoming a thing of the past. Where I live, which is admittedly a population center, I have no fewer than 4 choices for any of my 3 telco services (Phone Internet and TV). Even my family members who live in rural areas have at least 3 choices for TV, 2 choices for phone and soon will have 2 realistic choices for high speed internet services.
I say that the feds have enough power, lets not enable them any more.