You're not reading the story.
That's what they're doing now. This bill gives US companies the right to resist handing over the information if they believe it applies to someone who's protected by foreign laws. That's a right they don't, currently, have, without going through a prolonged and expensive appeals process.
It's smart packaging: it dresses itself up as empowering law enforcement, but actually it's limiting powers that they're already using (albeit without any clear authority).
Biting the hand that feeds IT
