While the MPAA and RIAA have given some impressive numbers, as well as plenty of campaign contributions, many of their numbers have been debunked or are extremely overblown. Analysis of their research shows that the numbers most often quoted for monetary damage of piracy combines the entire distribution chain (2-1=1, but to them 2-1=3), is worldwide, and less than 1% is happening within the United States. Beyond that, money not spent on movies or music is not money lost to the economy, but simply spent in other areas such as food, housing, medical care, and others.
Time and time again the MPAA/RIAA have voiced their concerns with new technology ruining their businesses (1920's radio, 1940's independent theaters, 1950's cable, 1970's VCRs, 2000's DVR, etc), yet time and time again these technologies, instead of killing their business, only made it stronger and more lucrative.
It is unacceptable for people in power to regulate an industry they do not understand, and even more so for them to do so while flaunting their ignorance. I implore you and your colleagues to ensure a full understanding of the internet and its many related technologies from real domain experts before attempting to regulating it. Beyond that, though, I implore you to understand the underlying cause of the issue and tailor the response to specific situations and limit collateral damage to not just new and innovative technologies but free speech.