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I've noticed that usually the main complaints is that it interferes with an individuals so called "rights" and that it inconveniences them. So? We tend to forget that companies have rights, and that they also have the clout to do what they want...right or wrong.
As far as Congress doing something about it, they might just do that. After all, it's the special interest groups that run the country anymore and everyone knows it. If Congress sees something for themselves in there, it WILL pass.
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The RIAA is going well beyond their business "rights", as they are clearly trying to bypass the need to subpoena information from universities in order to sue people. Technically speaking, the RIAA is not trying to make it unlawful for universities to withhold this information outside of a subpoena because they know that PRACTICALLY speaking, no university will deny it on the chances of losing federal funding. The RIAA is trying to wiggle through the law and make it so anyone who opposes them can be instantly crippled, and congress is full of the kind of idiots who would be unable to see this intention.
I don't think there is any question that the RIAA is trying to write themselves a "national security" style document, where they no longer have to get a courts approval to take IT traffic information from schools.