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Here, BTW, is the relevant text from the proposed statute:

"g) Definitions- For purposes of this section:

(1) AMNESTY PERIOD- The term `amnesty period' means the 90-day period beginning on the date that is 90 days after the date of the enactment of this Act.

(2) FIREARM- The term `firearm' has the meaning given such term in section 5845 of the Internal Revenue Code of 1986"

And here
http://www4.law.cornell.edu/uscode/uscode26/usc_sec_26_00005845----000-.html
is the definition of "firearm" to which it SPECIFICALLY refers:

§ 5845. Definitions

For the purpose of this chapter—
(a) Firearm The term “firearm” means
(1) a shotgun having a barrel or barrels of less than 18 inches in length;
(2) a weapon made from a shotgun if such weapon as modified has an overall length of less than 26 inches or a barrel or barrels of less than 18 inches in length;
(3) a rifle having a barrel or barrels of less than 16 inches in length;
(4) a weapon made from a rifle if such weapon as modified has an overall length of less than 26 inches or a barrel or barrels of less than 16 inches in length;
(5) any other weapon, as defined in subsection (e);
(6) a machinegun;
(7) any silencer (as defined in section 921 of title 18, United States Code); and
(8) a destructive device. The term “firearm” shall not include an antique firearm or any device (other than a machinegun or destructive device) which, although designed as a weapon, the Secretary finds by reason of the date of its manufacture, value, design, and other characteristics is primarily a collector’s item and is not likely to be used as a weapon.

SEE, the bill in question is NOT talking about anything other than those guns already regulated under the '34 NFA - machine guns, short-barreled rifles and shotguns, destructive devices and "silencers" (i.e. sound suppressors, the proper and more accurate term).

Why do you think that the Schumers and the Feinsteins aren't proposing or co-sponsoring this bill? They'll be opposing it, since it'll admit many tens of thousands of NFA weapons to the registry. Guns now illegal will be made legal and enter the marketplace - and these REALLY ARE machine guns, unlike the semi-autos that were (somewhat and sort of) banned between '94 and last year).