Federal Firearm Licensee Act
This bill makes various changes to the federal statutory framework governing the sale or disposition of firearms by federally licensed dealers, importers, and manufacturers (i.e., federal firearms licensees, or FFLs).
Specifically, the bill establishes new requirements, including for FFLs to secure their business premises and conduct physical checks of their business inventories. It also expands the recordkeeping and reporting requirements with which FFLs must comply; broadens the authority of the Bureau of Alcohol, Tobacco, Firearms and Explosives to administer federal firearms laws and investigate violations; and increases penalties on FFLs for violations.