Pai says:

“We are helping consumers and promoting competition,” Mr. Pai said in a speech before the vote. “Broadband providers will have more incentive to build networks, especially to underserved areas.”

The New York Times reports on his record :

In his first 11 months as chairman, he has lifted media ownership limits, eased caps on how much broadband providers can charge business customers and cut back on a low-income broadband program that was slated to be expanded to nationwide carriers.

I don't think there is a single member of the Trump Administration who knows what he (or she) is talking about. Either that or they lie deliberately.

Here is Pai's statement from April.

What it may mean for you:

Many consumer advocates have argued that if the rules get scrapped, broadband providers will begin selling the internet in bundles, not unlike how cable television is sold today. Want to access Facebook and Twitter? Under a bundling system, getting on those sites could require paying for a premium social media package.

In some countries, internet bundling is already happening. In October, Representative Ro Khanna, Democrat of California, posted a screenshot on Twitter from a Portuguese mobile carrier that showed subscription plans with names like Social, Messaging and Video. He wrote that providers were “starting to split the net.”

The internet will be split into fast