The bill's text is here. [1] I don't think it does anything that is stated in the article. It's stated purpose is to create a commission that will create recommendations that nobody will have to follow. It actually says that. Then, in Section 5, (7)(A) it explicitly says that it won't affect end-to-end encryption - it says that companies won't need to stop using E2EE and there won't be any liability created for using E2EE.
In general, I am against regulation, but this bill doesn't do what the article claims it will do. Yes, it is absolutely politicking, but it doesn't seem to do much of anything outside of wasting time and resources.
[1] https://www.congress.gov/bill/117th-congress/senate-bill/353...