Since you reposted Texas_shutterbug's request that we read the bill, can you provide us with a link?
Since both of you apparently have read it and are concerned about it, please share so we can all be on the same page.
Here’s a copy of the bill in the WSJ.com forums. Scroll down. Read “Illumined’s” post. He includes the bill, and a short commentary. I “mostly” concur with his opinion.
http://forums.wsj.com/viewtopic.php?t=4062