Excerpted from: https://www.eff.org/deeplinks/2012/02/how-internet-companies...
Because the actual language of the bill is somewhat vague, activists at Demand Progress have correctly noted that this legislation might force Internet companies to retain even more data just to be on the safe side. The proposed bill is an amendment to 18 USC § 2703, the law currently defining the circumstances under which companies that store electronic data on customers must disclose it to the government. H.R. 1981 is attempting to amend and expand this law in a way that “enables the identification of the corresponding customer or subscriber information under subsection (c)(2) of this section.”
So what is subsection (c)(2)? It requires a provider to turn over to the government without a warrant:
Name
Address
Records of session times and durations
Length of service (including start date) and types of service utilized
Credit card or bank account number