Nothing is over. Look at this: copyright.gov/ And from there, look at the left lower side. When you read the line "Recent Reports and Studies" click on the link underneath (or at the link in this comment, which is the same link you can find on the site). This is the actual thing, nothing is over! Everyone can read it themselves.
Here, a part within the text says:
Section 514(e) Copyright for Derivative Works and Compilations
If an infringer qualifies for limitations on remedies, he can still obtain copyright
protection for a derivative work or compilation that uses preexisting material in a manner that is
technically infringing under this section
And there we are with the limitations regarding infringers getting away with what they do without the artist's approval:
MONETARY RELIEF
—
(A)
GENERAL RULE
.
—
Subject to subparagraph (B), an award for
monetary relief (including actual damages, statutory damages,
costs, and
attorney’s
fees) may not be made other than an order
requiring the infringer to pay reasonable compensation to the
owner of the exclusive right under the infringed copyright for the
use of the infringed work.
(B)
FURTHER LIMITATIONS
—
An order requiring the infringer to
pay reasonable compensation for the use of the infringed work may
not be made under subparagraph (A) if the infringer is a nonprofit
educational institution, museum, library, archives, or a public
broadcasting entity (as defined in subsection (f) of section 118), or
any of such
entities’
employees acting within the scope of their
employment, and the infringer proves by a preponderance of the
evidence that
—
(i)
the infringement was performed without any purpose of
direct or indirect commercial advantage;
(ii)
the infringement was primarily educational, religious,
or charitable in nature; and
(iii)
after receiving a notice of claim of infringement, and
having an opportunity to conduct an expeditious good faith
investigation of the claim, the infringer promptly ceased the
infringement

IT TURNS OUT THAT THIS IS REAL AFTER ALL! 

UPDATE 3: Homophones has brought this to my attention, clearing up the issue once and for all!  To quote them:

There is no existing bill. A notice of inquiry only means that comments are open, but no rules are currently being considered. The reason people are banding together is because nobody actually has any idea what they're talking about.
The long version:
The links provided in www.io-home.org/home/newsarchi… do not actually show anything suggesting the existence of a bill--let alone one that is about to be passed. Regarding the PDF of that federal register, I checked the actual copyright office website and did not see congressional hearings scheduled or open rulemakings regarding this so-called Orphan Works Act.
What you see on the above site is a policy report, which, yes, has some nasty remedy suggestions, but no, is not a bill. Currently mass digitization (which is the only part relevant to us, as orphan works are completely unrelated) is an active policy study. But there is no proposed bill, certainly not one that is going through Congress next week.
What you are seeing scheduled is a notice of inquiry, which, if anybody actually did their research they would realize is a hearing where comments and opinions are invited, but no rules have as yet been proposed. There is no bill. And this is only one of multiple preliminary moves required by law before a bill can start to go through Congress.
In short: There is no "Orphan Works Act" out to strip us of our rights. Yes, send in your comments so they know that we don't want our control to be taken away, but also know that there is no bill about to be passed that would do so. Please calm down.