I recollect when this first came up months ago. The real problem is that, if signed and ratified by the Senate, it would give the President the power to legislate via executive order or federal regulation. For example, it requires registration of anyone manufacturing ammunition. That means the Executive Branch could require every reloader to register and be regulated by the federal government.
Jim's Rules of Carry: 1. Any gun is better than no gun. 2. A gun that is reliable is better than a gun that is not. 3. A hole in the right place is better than a hole in the wrong place. 4. A bigger hole is a better hole.