The Senate Finance Commitee has asked Independent Sector to develop a group to advise the Senate on it's proposed legislation to deal with nonprofit abuses. This is at least a breather, and potentially a great piece of news, depending on who IS gets on its committee, of course.
The second look will result in no action this year, and thus the next congress can take it up with a little more time for reasonable (I hope) consideration.
You should also look at IS's original response to the Senate.
I hope you will keep track of IS's progress and pay attention to the Finance Committe's actions. They will certainly affect all of our future. You can make comments as well....directly to the group.