Story highlights Carly Fiorina: The Internet will now be subject to the kind of regulations that governed telephone service in the 20th century

She says we need new leaders who understand the power of technology to encourage innovation on the Internet

Carly Fiorina was a Republican candidate for the U.S. Senate in 2010 and CEO of Hewlett-Packard from 1999 to 2005. The opinions expressed in this commentary are solely those of the author.

(CNN) Crony capitalism is alive and well. If you need proof, look no further than the Federal Communication Commission's new Title II regulations imposed in the name of "net neutrality" under pressure from President Barack Obama, and the big businesses that benefit.

Net neutrality proponents did a masterful job of marketing it with the help of late-night hosts and political spin, arguing that it would level the Internet playing field. The truth, however, is that it will insert Washington bureaucracy and control into the 21st century's greatest success story. The Internet, which has empowered hundreds of millions of Americans in so many aspects of life, will now be subject to the same types of regulations that governed telephone service in the 20th century.

Carly Fiorina

As someone who led a $87 billion company for six years, I know this: Only big companies can deal with vast, sweeping regulation like the 313 pages imposed by the FCC. This administration has had a habit of identifying a particular problem and then convincing the voters that we require enormous new swaths of government control to fix it.

For example, Dodd Frank started out as way to protect consumers. But the consequence of Dodd Frank has been that 10 banks too big to fail became 5 banks too big to fail with record bonuses all around. Meanwhile the community banking system, which gives Main Street and mainstream entrepreneurs its credit, is on its back. In other words, the big got bigger and the smaller got weaker.

The Affordable Care Act exists because we had a problem: health insurance was too expensive, and people with pre-existing conditions were shut out of the market. Those are real problems.

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