Good luck with that censoring the internet thing.
Whoever suggested this has got to be out of their gourd. The amount of work hours something like this would take would break the media companies. Now, if they were talking about zoning the internet better, such as getting more than just the .com, .org, .net, .gov, etc maybe they'd have a better chance at creating some kind of filtering system for the stuff that people don't want to be seeing, but prohibition-style censorship would fail in epic proportions.
Plus the fact that they wouldn't be able to touch the out of country stuff. Are they trying to drive a large number of peoples' entertainment dollar out of the US? Are they also trying to drive internet media jobs clean out of country? Only someone with a complete lack of common sense (or a lot of corrupt income) would support something this assinine. Plus, I highly doubt YouTube's less original users are putting any kind of a dent in the profit margin or good name of any publisher.