A summary here. Present law provides that if a background check is delayed more than three days, the FFL can (but doesn’t have to) make the transfer. This bill would remove that provision; no transfer until the background check comes back.

I think the present rule (1) accords with the reality that the vast majority of background checks (99+% as I recall) come back with “proceed with the sale” and most of the remainder prove to be mistakes or involving ancient offenses; (2) give the government an incentive to process them at least moderately quickly, whereas if there was no time limit there would be no agency inhibition against understaffing the project and delaying the sales.