This is a consensus proposal to allow witnesses and stakeholders to vote on this change being implemented in the next HF, thereby recording their approval on-chain.
The proposed change is to reduce the current 13-week power down schedule to 4 weeks. The reason for selecting 4 weeks was to still provide some lockup protection within the 30-day account recovery period.
There was talk about having different power down schedules for earned vs invested SP but that would be a much more complex code change and additional cognitive load for the user, therefore this proposal is simply for a reduction to 4 weeks and nothing else.
The changes will likely involve code to first halt all current power downs in progress and change the parameter from 13 to 4 weeks.
The premise behind this change is to reduce the barrier to entry for investment into Steem and PoB SMT's, currently it is daunting for investors to lock-up their capital for 13 weeks. While 4 weeks is still high compared to other chains like EOS, it is a positive incremental iteration in the right direction, with low risk of market sell-off. It can be further reduced in a future hardfork if proven to not have adverse market effects.
Implementation: This is likely a small code change that can be done by Steemit Inc., community developers are of course entitled to submit PR's to the public repo for these changes or submit a proposal to be remunerated for the same.
There was also a discussion about adding an instant power down by burning 5-10% of the stake, that may be more expensive to code and perhaps should not be considered for this HF, but if still desired should be voted on via a separate proposal. (EDIT: This has been found to be very dangerous, a hacked account could be instantly drained via this burn mechanism and therefor circumvents any lockup period safety benefits.)