No, Congress envisions that somehow the V-chip will solve the problems of bad families where kids are neglected. That seems a bit naive, even by Washington's standards. Congress should face the facts. Street kids get their violent impulses from life, not entertainment. The V-chip will, however, make television worse for the rest of us.
TV is an industry governed by fear.
The next Shakespeare will probably not choose TV as his medium. Shakespeare worked in poetry, blood, and fire, none of which are apt to fare well on the kindergarten scale of the V-chip. The ratings game will ensure that chipworthy shows will just not be on. TV's a big time waster anyway. This will inspire people to turn to other media.