Ignoring the blatant lies by Infowars, this still seems pretty bad. Giving Zuckerberg the power to identify "hate speech" and work with politicians on it can only lead to abuse in the long run.
In The Netherlands we have these rules as well. It's forbidden to publicly offend _groups_ of people because of their race, faith, sex or handicap (art. 137c). It's also forbidden to encourage racism, hate or violence (art. 137d) and to publish or even possess publications that do so (art. 137e).