Legislative and Lobbying Transparency Act of 2007

I have spent the last two days researching as much about the S1 LEGISLATIVE TRANSPARENCY AND ACCOUNTABILITY ACT OF 2007. My opinion continually flip-flopped two or three times because of conflicting information. At first I read this article http://www.informationweek.com/blog/main/archives/2007/01/political_blog... where an organization called GrassRootsFreedom.com claimed that section 220 of the bill would only hurt small grass roots lobbyists and bloggers. I am aware of how legislation works and thought that this could be a possibility of a hidden provision. Late in the same day I came across this article http://www.blacklistednews.com/view.asp?ID=2011 which states that GrassRootsFreedom.com was created in December 2006 and is run by a Mr. Richard Viguerie. As it turns out he is also the chairman of American Target Advertising, to which the site GrassRootsFreedom.com is registered. And he also hosts a conservative Web forum called ConservativeHQ.com. In addition to this GrassRoots Freedom.com claims that bloggers would be held accountable and subject to register as lobbyists if they contacted more than 500 individuals. At this point I began to wonder what is the truth about the bill so I looked it up myself here http://frwebgate.access.gpo.gov/cgi-bin/getdoc.cgi?dbname=110_cong_bills... . This is the entire bill and if you look closely at the legal jargon in section 220 you can see that it does not mention bloggers at all. It does define Grass Root Lobbying as:
GRASSROOTS LOBBYING.—The term ‘grassroots lobbying’ means the voluntary efforts of members of the general public to communicate their own views on an issue to Federal officials or to encourage other members of the general public to do the same.
It then goes on the describe who must register as a lobbyist is anyone who will earn or spend more than $25,000 quarterly on lobbying. I have yet to find the provision concerning the line item veto that the President wants in the bill.
I continue to see articles on websites that I have great respect for claiming that this act is bad all around. I personally feel that lobbying is one of the main reasons that we have a such a corrupt legislative system and it would be good to see lobbyist and representatives both held responsible for their actions. I do not want to be fooled into a bill that strips us of freedom of speech, but what side should we take?
The good news is the bill passed on Thursday evening but the grassroots section 220 was dropped. After reading the bill repeatedly I do see some loose wording but aside from that I think it will be a useful admentment to the Lobbying Reform Act.