Ars Technica calls Representative Rick Boucher's (D-VA) new "Fair Use" Act a watered-down version of his 2003 DMCRA (see http://www.publicknowledge.org/issues/hr1201) that failed due to considerable industry opposition.

Certainly a good move, supported by the library associations as well as by the Consumer Electronics Association, the new act principally codifies recent exemptions granted to the currently hard-edged Digital Millenium Copyright Act (DMCA), but stops short in offering "clear protection for making personal use copies of encrypted materials."

See http://arstechnica.com/news.ars/post/20070227-8934.html