Notice it's all about "consumers" and "companies," not "citizens" and "government." I'd hardly call this a bill of rights. It's more like a campaign advertisement for Obama. If I wanted to be more of a conspiracy theorist about it, I might believe that if this were passed into law, it would be to force companies to maintain readily exportable data about their users, which is only a court order away from being exported to government officials.
> only a court order away from being exported to government
This would actually be an improvement over the current state of affairs where companies are under no legal obligation to force the government to get a court order in many cases.
That's a fair point. The main point I was trying to make though is that this "bill of rights" will ensure that companies have already gathered that information into a readily exportable format, thus reducing the friction when the government comes knocking, whatever form that might take.