"which would kill the existing net neutrality rules and greatly weaken the FCC's ability to protect consumers."
Cool, now ISP's can be sued for copyright violations through their pipes! The most likely outcome will be that EU three-strikes regulations will seem pretty generous after the lobbies get at the bill that fills this regulatory void. My presumed outcome is that ISP's will disable service if a subscriber is accused of being in violation of copyright. The threat of direct law suits are just too high to simply give nominal protection to their customers (a large number of whom actually violate copyright laws daily). Oh, but there's some form of arbitration which makes Youtube's take-down system seem fair and balanced.