Earlier quoted context omitted.
Is that the entire bill? Seems extremely narrow-scoped and with no terms defined. IIRC, the ongoing spying is not even warrantless - they're operating under a broad-scope warrant issued by FISC, so this bill would do absolutely nothing.
Yes, the entire rulemaking part. It's true the Verizon spying had a secret-court FISA warrant, but was that warrant required to have "probable cause"?
Doesn't matter though, the proposed law talks about search of American phone records which the NSA is already forbidden (even with PRISM) from looking at.
In other words the new content of this law would be exactly zero, if that's all it purports to add.