You would be required to register your works with a copywright agency, where as now we just create works and they are immediately protected. Apparently under this new bill, unless registered, your work is considered orphaned. AND even if you DO register, if a registry search comes up as 'no match' (which only claims a 99% success rate) your work would still be considered orphaned. Works considered as 'orphaned' would legally allow companies to use your images without your permission or compensation to you.
Here's the site I where I got this information: http://www.illustratorspartnership.org/
Please. Somebody tell me that they have heard of this before now and that it's not as bad as it seems. Looks like this battle has been brewing for about 2 years but has now reached a head to where it may actually get passed before the end of this administration...