Just a FYI message...
This appeared on USA Today:
http://www.usatoday.com/story/life/music/2015/02/08/creators-alliance-grammy...
Initially I thought we might fear another extension of copyright law, but no, it seems more geared toward how parties within the industry do business (licensing agencies, e.g. ASCAP, BMI should watch out, as transparency is being requested).
This more official release from the Copyright Office indicates the big advantage for Wikimedia projects: The desire to bring pre-1972 recordings under federal protection. This means that copyright would mirror that for print materials. Thus, if th legislation passed, public domain for recordings would begin prior to 1923, instead of the situation now where virtually all pre-1972 recordings are protected until 2067:
http://copyright.gov/docs/musiclicensingstudy/
(Of course, by the time it would pass, 1923 might be in the public domain already. :) )