Earlier quoted context omitted.
I most definitely don't agree with him, and I find the idea absolutely repugnant. Devils advocate though, I would be much more careful with the code that I write if regulators passed some dogshit law like that.
I would stop writing code for money.
It really just introduces a legal burden to prove competence and work in good-faith, and nets immense power to throw out ridiculous deadlines. Your managers are legally responsible too, and if they push beyond what's reasonable you have just cause to bring them to court in a way that you currently don't. To re-emphasize, I don't think this is a better world, but it's not unlivable.