The part I find most interesting is the proposal that the president may  - with apparently no guidelines or outside input - "declare a cybersecurity emergency and order the limitation or shutdown of Internet traffic to and from any compromised Federal government or United States critical infrastructure information systems or network" (emphasis mine).  This is Section 18 of the working draft, or page 44 of the PDF.  The president would also be free to order the "disconnection of any Federal government or United States critical infrastructure information systems or network in the interest of national security".  

What exactly is a "Federal government or United States critical infrastructure information systems or network", you ask?

According to the definition of terms at the end of the document, whatever the president says it is.  It seems reasonable to assume that it includes any Federal government system, and it does.  But it also includes any "state, local or nongovernmental information systems and networks in the United States designated by the President as critical infrastructure information systems and networks."  

Since our National Terror Alert level has been on an elevated or high level pretty much non-stop since 9/11, I'm not particularly confident of what a president might justify as a cybersecurity emergency.  The term cybersecurity emergency is not itself defined in the document, giving the president broad latitude in defining it.  I'm fairly certain that's intentional, but it doesn't strike me as particularly wise or healthy.