Very unlikely to get any traction, but we do need to keep an eye on it.
Also don't see how they plan to regulate it; body armor does not typically have a serial # to indicate a manufacture date (this bill grandfathers), and the difference between an AR500 curved anti-spall target and a ballistic armor plate is verbiage.
Not to mention that making hard armor ain't exactly rocket surgery; AR plate is readily available, and not that hard to work with. Unless they think they're gonna regulate AR steel, which would have incredible opposition from a very large heavy equipment industry. That's how we get our free AR400 targets; old dozer & scraper blades from my buddy's place of employment. That worn down and torch cut AR400 still stops 5.56mm green tip at only 1/4 thick.