Not really. The intended purpose of YouTube is to allow distribution of materials that the uploader has the copyright for. The terms of service clearly defines what rights you are granting to YouTube (i.e. royalty free distribution as long as it's posted) and requires you to own the copyright of the material.
As long as it's the copyright holder uploading, playing, linking, embedding, etc, are all perfectly legal under YouTube's terms of service.
This bill is attacking video's uploaded by someone other than the copyright holder. TV episodes, sporting event broadcasts, newsclips, etc, uploaded by random people.