Safety regs should be made stronger not weaker. Don't substitute a video for hours. If they want to watch more videos in class then add that to the CTP program at regionals. This is nothing but a money grab for regional CEO's who want to get cheap pilots. There are plenty of experienced ATP's who would come back if the pay was raised.
With that said I don't think this will get passed Charles Schumer, good thing he is there. If there is any weakening of safety standards it probably won't happen for a few years.