In practical effect, this bill is much the same as Kennedy's ammo ban. In order to ban the ammunition, it must:
1. Be capable of penetrating a particular vest selected by the Attorney General
2. Have handguns in that caliber
This bill is written so vaguely that the Attorney General (a Presidential appointee) would have massive discretion to ban ammo. If he chooses a Level 4 vest with SAPI plates as the standard then several exotic combos that have literally never been used in crimes will be the only thing banned. If he selects a Level 1 soft vest then almost all ammo is banned.
The good news is this has almost no chance of passing. There is unlikely to be a gun control vote before November and not much time to have one afterwards.
The bad news is if it did pass an as-yet unnamed AG would be setting the standard that other AGs would probably continue to follow.