The GOP’s plan to legislate net neutrality is here. And Internet activists might hate it.

The text of a bill circulating the House and Senate Commerce Committees would enshrine into law key principles under network neutrality, but crucially, the bill would also restrict the Federal Communications Commission's authority in several ways.

Under the legislation, the FCC would be expressly prohibited from trying to regulate broadband using the same legal tools it uses to police phone companies -- something that President Barack Obama and consumer groups have specifically asked for in the push for net neutrality. Conservatives argue that such a step would give the FCC too much power over Internet providers. The bill would also restrict the FCC's ability to regulate broadband under a different part of the agency's congressional charter. That piece of the law, known as "Section 706," is likely to be invoked as the FCC considers preempting state laws banning cities from building their own public Internet networks. So while the bill would quickly settle the net neutrality question, it also effectively clamps down on the FCC's future ability to regulate broadband providers.