The Cybersecurity Act of 2012, also known as S.2105, is a bill currently in Senate committee. It began closed negotiations in December 2011, including six representatives from tech industry companies. During these negotiations, complaints were spoken that the tech representatives pushed for many loopholes, and continue to do so. 
The provisions of the Cybersecurity Act of 2012 once included a highly controversial 'kill switch' idea, that would allow the President of the United States to issue an order to shut off the Internet nationally. This idea was championed by Senator Joseph Lieberman, a member of its committee.
The bill would increase cyber protection for federal agencies and would result in government and business collaboration. It would also require the Department of Homeland Security to monitor and instate standards on security, and outline the processes that private companies would utilize in regards to security. Those companies would be required to meet these standards.
While the bill would probably benefit federal agencies, in the private sector many complaints have been voiced over the time, resources and money needed to monitor and keep the standards set. 
The text of the bill is currently not available, but the Library of Congress is expected to release it by February 17, 2012.
Opponents of the bill argue it would cost the private sector too much time and money, and smaller businesses could struggle to maintain in the oversight of the Department of Homeland Security. Concerns have also been raised over where the bill could be seen as a starting point for American censorship beyond current standards.
Proponents of the bill argue it would work as a leading agent to fight cybercrime. Proponents also argue that after terrorism, cybersecurity is the greatest threat facing the United States in current times, using figures of the hundreds of billions of dollars lost each year. Proponents argue that hackers, cyber criminals and national states daily trying to invade and disrupt cyberspace relating to the economy and security are a serious threat and work is needed to fight this.
- “Senate's Cybersecurity Bill Doesn't Have 'Internet Kill Switch'” on Mashable
- Senators Unveil Cybersecurity Bill to Empower Homeland Security on Network World
- Lieberman, Collins, Rockfeller, Feinstein offer bipartisan, comprehensive bill to secure fed and critical private sector cyber sections on Senator Joseph Lieberman