Limbaugh, Hannity, etc, would be among the first to get it. I believe it was designed with them in mind. I don't know if the proponents of this have religious broadcasters in mind, too, or if they would just be the victims of "localism" taken to its logical conclusion: if a station's schedule is filled mostly with syndicated conservative talk and little or no local content, then how would a religious station with no local content be allowed to stand? That's the best-case scenario. The worst case is that "localism" is just a move to censor religious broadcasting as well, especially that which crosses the line from spiritual matters to social and political ones.
I don't trust this government as far as I can spit.