For my Term paper, I'd like to make a case for the recognition of Software Engineers by the professional engineering guilds (like the PEO). Formal recognition will come along with formal standards and codes of conduct which software engineers will have to be bound by.
Now this does not mean that all people who wish to pursue a career in programming will be forced to get their engineering certification. For instance, artists and architects are still allowed to render drawings for buildings and contractors are able to construct it but an engineer's stamp is legally required for most construction projects. Though this is mainly due to safety regulations, cynics might also say it also helps to have someone to blame if something goes wrong and the building collapses. However, the stamp also means that the engineer has examined the blueprints and verified that everything is up to some minimum standard.
The major beneficiaries to this would probably be private industry as it would be able to guarantee to the consumers and the government that this program meets whatever minimum criteria is specified. Such specialized skill would be suitable for applications such as nuclear power plant control systems, automated airport radar, space satellite probes and car diagnostics systems.
This would not restrict the pool of computer programmers, as a software engineer wouldn't be needed for every type of project. Just like how it's possible to hire a general contractor to do home renovations (or even "do it yourself"), computer programmers of varying skill levels can still be employed for projects that have less stringent requirements.
Highly skilled computer programmers would benefit as they can use their engineer title to justify higher compensation.
The Term paper will also include issues such as ethical considerations, negative consequences of this scheme, and probably other things that I haven't thought of yet.