"ISPs like Comcast, AT&T, and Charter will be free to sell your personal information to the highest bidder without your permission — and no one will be able to protect you. The Federal Trade Commission has no legal authority to oversee ISP practices, and the bill under consideration ensures that the FCC cannot adopt “substantially similar” rules. So unless the bill fails in the House, the nation’s strongest privacy protections will not only be eliminated, they cannot be revived by the FCC."
The EFF has a great page dedicated to how to act to stop the House from approving this bill.
They've also posted a list of Five Creepy Things Your ISP Could Do if Congress Repeals the FCC’s Privacy Protections.
Fingers crossed. This legislation is what's driven me to create Noiszy. While Noiszy can't stop the legislation, it CAN work to prevent others from profiting off of your browsing data.