1. The introduction is interesting. A bill "to ensure that the right to keep and bear arms is not unlimited..." First, I cannot recall the last time the NRA or anybody on this site suggested that "the people" have a right to keep and bear howitzers, mortars, grenades, LAWS, RPGs, tanks, Apaches, nukes, etc etc. Second, I cannot remember any bill introduced as "ensuring that the right to free speech is not unlimited," ditto the right to due process, peaceable assembly, etc etc.
People do own tanks and cannon. Some even fire them at Knob Creek and other places!
I am not sure if the original intent of the 2A included cannon and such. I'm sure that question has been answered here or on The High Road.
As for the text of the bill--it's pure tyranny. Also consider that they're saying a mere law overrides the Constitution! They're so comfortable that they have not even cloaked it using the Commerce Clause.
Of course, we all know that we do not live in a country with a government that even remotely stays within its constitutional boundaries. This is why it is essential to continually contact your legislators on a state and federal level since all that stands between some liberty and insane tyranny is a how a bunch of politicians do the math in their heads regarding what they think they can get away with.