Congress passed the Airline Safety and Aviation Extension Act in 2010. It says nothing about requiring 1500 hours to fly under Part 121. It says you have to hold an ATP.
The FAA has
proposed a bunch of rule changes to comply with the new law.
http://www.faa.gov/regulations_polic...0-AJ67NPRM.pdf
At present there is no grandfathering in the proposed regulation and so 1 Aug next year you will have to an ATP with a type rating to serve as a pilot under 121.