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According to this article, the US House of Representatives is working on a new version of the Protect IP Act that will correct some of the major flaws in the current version.
As drafted, Protect IP has little chance of reducing the current level of online copyright and trademark abuse, or of shutting down "rogue" Web sites that profit from illegal trade in films, music, and knock-off products. That's largely because the bill focuses on operators outside the U.S. But U.S. law enforcement agencies have no authority to shut down foreign Web sites, which may not even be violating laws in their own countries.