Bill nothing. They don't need that bill to pass to take over the internet.
The internet is still the wild west... it's virgin territory where free ideas can be easily spread. And it's big media's intent to crush that, with or without the government. They have their own lawyers and can sue anyone they want to even if the rules stay the same. Look at what happened to people who downloaded music. The recording industry was hurting because they had nothing to market but BAD hip hop with terrible one hit blunders. That was killing the industry more than downloads, people with one song on a 20 dollar CD. I've predicted they'd set their sights on television and movies one day... even mouth watering clips that get people INTO watching said movies and shows.
So far, they've kept a nice distance, bossing YT to take things down... but having their own sites to show things for free... the sweetheart Dish and Fox deal keeps hulu from putting up Fox shows next day. And that's what Hulu is all about. A place to catch up on new episodes if you missed them the next day or within a week and aren't lucky to have a DVR. I'm sure Comcast is doing the same to NBC shows. it's only a matter of time before you can't see new episodes at all, unless you buy premium memberships in everything.
Sure, I'd tend to think there will still be blogs and maybe fan sites and fan arts and stuff like that... but that will be it. I can totally see a future where user uploaded content is either completely done in with, or completely bought up by various companies, thus taking creations from creators and giving them a microscopic share of the profits.