I'm personally strongly against copyright infringements but this act sounds really crazy. It would allow U.S. Department of Justice to close down U.S. servers where any copyright infringement found. So, the service providers would be punished if any of their users do the crime. Moreover, U.S. based global search engines like Google could be then ordered to stop indexing even non U.S. servers where copyright infringements found.
This means the consequences of such law in U.S. would have global affect. The only positive side on this could be that then the rest of the world would start using some other services.