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That's exactly what I've gotten from reading the bill. I found no language to suggest that any current copyright policies would be affected by a passage of the orphan works bill.

Critics of the bill have been suggesting that someone could just do a quick search and claim to have attempted to find a copyright holder, thereby getting away with infringement. That also is not true. The "diligent search" must be performed within approved Copyright Office databases, and paperwork must be filed confirming that such a search was performed. Users must also file with the Copyright Office to report their intention to use a work that is believed to be orphaned. It is not an easy process, and it is certainly not worth the time it takes, just to steal an image that could have been legally licensed for a few bucks.

Basically, the Orphan Works bill does not make it any easier for someone to get away with infringement. Copyright will be just as valid under this bill as it is today. It is not the "thieves charter" that some poorly informed bloggers are making it out to be.

Here is an article from the Rangefinder Magazine
http://www.rangefindermag.com/magazine/Jun08/114.pdf
 

What the bill is about: Limitation on remedies in cases involving orphan works.

That's what it's called. It does not alter the BERNE CONVENTION FOR THE PROTECTION OF LITERARY AND ARTISTIC WORKS

Article 7 - The term of protection granted by this Convention shall be the life of the author and fifty years after his death.

What the Bern Convention does:

Under the Convention, copyrights for creative works are automatically in force upon their creation without being asserted or declared. An author need not "register" or "apply for" a copyright in countries adhering to the Convention. As soon as a work is "fixed", that is, written or recorded on some physical medium, its author is automatically entitled to all copyrights in the work and to any derivative works, unless and until the author explicitly disclaims them or until the copyright expires.

If someone opposes the Orphan Works limitation on liability for some reason, the best way to approach others would be with the truth and facts, not by fabrication and fear.

Opinion 

As far as I can see from reading the house bill and the senate bill, this changes nothing as far as a photographers copyright protection or the Bern Convention international protection. If someone wants to point out the section of the actual bill that is offending, instead of reading things into it, that aren't there, then I'd be happy to consider changing my opinion.

Until then The Sky Isn't Falling! Please stop shouting that it is.