*Siece ponders this.*
I signed. Unfoturnatley, however, politicians dump online petitions straight into the trash can. For those who actually want to be heard on the subject, you'll need to sit down with a real pen and paper, or at least a word proccessor, and write a letter which you then snail mail to your elected representatives.
Fortunately, however, the law is not as bad as it seems...
On the surface, yes, this is a Very Bad Thing (tm).
On the other hand, this depends entirely on a) everybody agreeing on a single standard, b)that standard actually working, and c) that standard not infringing on fair use.
Items b) and c) on that list are self contradictory. B) would require that files can't be copied, while c) would require that they can. Fair use allows you to have only one backup copy at a time, but you can make a new backup if the first is damaged, and so on.
For those who don't follow industry news, the probability of a) ever happening can only accurately be measured in terms of Hell freezing over.
In other words, this has a much chance of working as the law passed by one city council that repealed the law of gravity.