Free Republic has the text. Some notes:
Instead of banning rifles with 2 evil features, it’s one evil feature. Said evil features are:
`(i) a folding or telescoping stock;
`(ii) a threaded barrel;
`(iii) a pistol grip;
`(iv) a forward grip; or
`(v) a barrel shroud.
Expands the list of rifles banned specifically by name.
Bans possession of conversion kits (example, you couldn’t own a rifle and a bayonet lug even if the two weren’t attached).
Transfer of grandfathered weapons would have to go through a FFL.
Bans transfers of grandfathered semi-automatics with regular capacity magazines.
This bill is particularly ugly, folks.
Update: Seems the ban on transfer provision is there to prevent people like my from going out and stocking up on evil black rifles. This happened quite extensively prior to passage of the 1994 ban. Manufacturers cranked out weapons that look like assault weapons and regular capacity magazines in droves. People bought them up and some turned a profit. I personally sold an Oly Arms AR for $1,300 after spending $700 on it two months before.
Update 2: Make sure you write or call your Congressmonkies and tell them oppose this bill.