From the proposed bill itself:

Notwithstanding any State or Federal statute or other law, and subject to the limitations set forth in subsections (b) and (c), a copyright owner shall not be liable in any criminal or civil action for disabling, interfering with, blocking, diverting, or otherwise impairing the unauthorized distribution, display, performance, or reproduction of his or her copyrighted work on a publicly accessible peer-to-peer file trading network, if such impairment does not, without authorization, alter, delete, or otherwise impair the integrity of any computer file or data residing on the computer of a file trader.
So the one thing they can't do (without authorization) is modify the files or data residing on a file trader's computer, but they can more or less perform DoS attacks on these people. Subsections (b) and (c) basically outline that the copyight shall not impair access to legally shared files

except as may be reasonably necessary to impair the distribution, display, performance, or reproduction of such a work, or portion thereof, in violation of any of the exclusive rights of the copyright owner
It needs to be overhauled or abandoned. I hope they make some major changes before bringing it to Congress again.