Good read. The article lists many of the reasons why the bill is bad. Remember this is just the initial bill so expect many changes before/ if it becomes law. Here are some quotes from article:

“But that's not stopping Congress, which, in the spirit of creating a department of redundancy department, is considering new antiphishing legislation that appears to serve no useful purpose.

Democratic Sen. Bill Nelson (Fla.) and Republicans Olympia Snowe (Wash.) and Ted Stevens (Alaska) introduced a bill this week called the Anti-Phishing Consumer Protection Act. It contains 31 pages of new regulations that could raise the cost of doing business for legitimate companies--but will do little to stop the malcontents behind phishing attacks.

Remember, phishing is already a crime. “

“If their bill merely duplicated existing criminal laws, it would be more redundant than worrisome. Except that one section is actively harmful to the privacy of Americans who own domain names and want to protect their privacy. The bill says:

    It is unlawful for the registrant of a domain name used in any commercial activity to register such domain name in any Whois database with false or misleading identifying information, including the registrant's name, physical address, telephone number, facsimile number, or electronic mail address...

    It is unlawful for a domain name registrar...to shield, mask, block or otherwise restrict access to, any domain name registrant's name, physical address, telephone number, facsimile number, or electronic mail address, or other identifying information in any Whois database...if such registrar...has received written notice, including via facsimile or electronic mail at such entity's facsimile number or electronic mail address of record, that the use of such domain name is in any violation of any provision of this Act.

So let's get this right. Those folks who, reasonably, prefer not to give their actual physical address and telephone number when registering a domain name for themselves or their family are now going to be violating federal law. “

for complete article click here