WASHINGTON—The Federal Communications Commission Thursday voted to roll back far-reaching rules governing how internet-service providers treat traffic on their networks, a move expected to empower cable and wireless providers and transform consumers’ online experience.

The 2015 “net neutrality” rules were one of the signature regulatory actions of the Obama administration, requiring broadband providers to treat all traffic equally, without blocking or slowing content, or providing fast lanes for favored sites and services.

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