Basically, Fred Upton (Michigan) (and 135 cosponsors) introduced H.R.3717 on 01/21/2004 and the house passed it 391-22. As of 03/11/2004, this was up for review by the Senate. See The Bill.
SUMMARY As submitted to the House
Broadcast Decency Enforcement Act of 2004 - Amends the Communications Act of 1934 to provide that, if the violator of the terms and conditions of any Federal Communications Commission (FCC) license, permit, or certificate is either a broadcast station licensee or permittee or an applicant for a broadcast license, permit, or certificate, and such violator is determined by the FCC to have broadcast obscene, indecent, or profane language, the amount of forfeiture penalty shall not exceed $275,000 for each violation or day of such violation, to a maximum of $3 million for any single act or failure to act.
The version submitted to the Senate updates this to $500,000 for each violation and removed the maximum limit of $3mil.
News articles state that this has the backing of GWB.
I think that the fine increases (from $27,500) are good, but I think the definitions of how those fines may be imposed are not quite right.