The bill, introduced by Adam Schiff, does the following (according to the Congressional Research Service)
Daniel Pearl Freedom of the Press Act of 2009 - Amends the Foreign Assistance Act of 1961 to require inclusion of specified freedom of the press information in the Department of State's annual Country Reports on Human Rights Practices.
Directs the Secretary to administer a grant program to promote freedom of the press worldwide, which shall be administered by the Department's Bureau of Democracy, Human Rights and Labor.
Now, Ron Paul presumably voted against it because he's only for freedom of the press when it comes to his discussion of the high ground speeds obtained by black criminal youth in his political report.