Glenn Beck: The Feds want the ability to seize internet records
The FBI wants the ability to demand "electronic communication transactional records" with no court warrant. Essentially, they would be able to come and take all your e-mails and any other Internet records, and you would not be able to tell anyone or do anything about it.
According to Common American Journal:
But what officials portray as a technical clarification designed to remedy a legal ambiguity strikes industry lawyers and privacy advocates as an expansion of the power the government wields through so-called national security letters. These missives, which can be issued by an FBI field office on its own authority, require the recipient to provide the requested information and to keep the request secret. They are the mechanism the government would use to obtain the electronic records.