Whatever. You can call it anything you like : act, interpretation, change, results are the same. If President signs piece of paper that restricts your liberties, then he has power to change the law, and that power is substantial - that was my point.
That`s what it supposed to be like and we wish it was. In reality, starting with Iraq war, Patriot Act, Health Care, Bailouts and much more, didnt have time for debates in Congress. President pushed it, Congress approved.
President is Executive branch of government, therefore can pass a new law just by signing it without approval of Congress. Example Executive Order 13233 (signed by Bush, makes President an exception from Freedom Of Information Act)
Getting rid of 'throttling' and 'extra fees' not a bad idea. However, "Free and Open" is a way off. "New ISP Regulations for Internet Access" would be closer to reality. I am sure they will slip in some shady unconstitutional Section in the new Law as they always do.