This and any similar attempts to loosen ownership limitations in the USA is something ALPA should be concerned about.
Right now I do not see how the "Flag of Convenience" can be applied to airlines like it was to the shipping industry. There are just too many regulations like the ownership limitations, bilateral treaties, etc as well as the aforementioned pilot supply of Liberia, et al. that prevent a Liberian airline from taking over the world.
Good on ALPA for bringing some publicity to the issue, but the sky is not really falling just because a European LCC has used some ingenuity to compete in the trans-Atlantic market.
Typhoonpilot