Congress passed legislation requiring part 121 pilots to hold an ATP license. The FAA is going to issue new rules on the requirements to hold an ATP license, that's what is in question. The NPRM proposed a limited ATP certificate to those who come from the military or have a 4 year degree with 1,000 flight hours and 1,500 for everyone else. The final rule should be issues anytime now after the FAA reviewed comments from interested parties.
Personally I think that the RAA (regional airline association) should purchase 10-15 C162's or DA-20s and take pilots from 800 or so hours to 1,500 to get their ATP at a discount rate.