http://mag.awn.com/index.php?ltype=pageone&article_no=3605&page=1
In short, if Congress passes this law, YOU WILL LOSE THE RIGHT TO MAKE MONEY FROM YOUR OWN CREATIONS!
The final statement here is kind of hyperbolic and really defeats the serious nature of what you were quoting. This law won't strip you of your ability to make money off your own creations, it will force you to take responsibility for the protection of your creations.
With the current laws, there is nothing that officially copyrights your artistic creations when you make them. It is just assumed that you own the rights to your original work because you made it. There isn't any official documentation or actual legal copyright.
This new law might make it a hassle for artists to register their works, but it will give them a much stronger defense if their copyrighted material is every stolen.
This editorial you linked to comes off as rather shady and biased to me. The writer is obviously against this bill and his opinions on it are portrayed hyperbolically (words of the wise: capital letters do not make you look intelligently angry, just angry). I don't doubt that it is a possibility that this new law (one of which I could never find a source/link to on the article you linked to) is bad, but I can't say that from what I've read in this thread and what you've linked to that it won't be good in some respects.
Edit//
"We already have enough trouble with art theft, why encourage it with something like this?"
Essentially, a bill like this would not encourage theft but protection. We have assumed copyrights currently (at least, that is my understanding of unlicensed "copyrighted" material). If someone steals your material now, you have to prove that the stolen material was your by providing proof that you made it first. However, unless you've registered the material, you don't have a lot of credible proof that you made it.
With a bill that makes it so that you can't assume copyright, you would have a much stronger legal case to protect material. You can argue that it will be hassle and inconvenient to copyright your creations, but it won't be hassle for long if something like this is (you know, honestly, I can't say what "something like this is" because there's no link to the supposed proposed law) passed. I say that because the artistic community in the United States is so vast that they will undoubtedly create an easy way to copyright material.
Don't go calling something good or bad until we see it for what it really is. Unfortunately, we can't really do that at the moment. Source for the law would be greatly appreciated.