I can't believe this would be all that effective in the long run.
Many of the piracy and counterfeit sites would simply move to oversea registrars and increase their use of bulletproof registrars.
And even though the bill would allow the US to go after countries with the offending registrar, unless that country has a similar law or is affected by the counterfeiting or piracy, I don't see it going anywhere. The FBI, Secret Service and US Postal Inspectors can't even get cooperation from other countries many times for outright fraud and phishing attacks. What makes them think that country will care about counterfeits?