I actually did a presentation on this bill for my Ethics class. There are some serious issues with the bill that the co-sponsors are seemingly wanting to brush aside and get it passed. There was a hearing back on November 16 that was rather, em...lively.
The bill would allow the Attorney General to get a federal warrant that would force ISPs to stop associating offending URLs to their IP addresses, essentially removing a website from the Internet. In other words, if the AG for some bizarre reason got an order against us, when you typed in stonewallfleet.com, it wouldn't bring you here, it MIGHT display a message stating that the site is blocked or that the page can not be found.
This presents many issues. First, the language used by the bill is very broad and without doubt open to being abused. Second, the nature of turning off URLs associating to their IP addresses poses serious concerns for DNSSEC (Domain Name System Security Extensions) which technology experts have worked to establish for over a decade.
In short, this bill will probably cause far more harm than good. Many groups including the ACLU is against it and it needs to be defeated in Congress.