Regulations such as this are subjected to comment periods. No problem reversing after the normal process. If a regulation is only recently promulgated, it can be overturned in Congress by simple vote. Ones that have been there a while need new process to start over. Congress can override this process, since they created it.
If this were only a move to allow more differential pricing for bandwidth it would be fair in my book. But I understand it grants freedom to ISPs to make their own determinations, risking censoring of competing content.