Yes. As it is an American creation. If China wants to shut down it's portion. It can. And while we would effectively be shutting down MOST of the internet by shutting down our portion, our controlling bodies, and networks.
We could shut down all communication within the country altogether. No phones, No cell, no radio, no intarwebs. AS IT IS NOW! This bill just re-updates the FCC rules to allow for the internet as a separate device.
"I would rather be exposed to the inconveniences attending too much liberty than to those attending too small a degree of it." Thomas Jefferson