The proposal is much, much more than that. The above is merely the “selling point” for the proposed legislation, which bans both buying firearms and explosives and possession of guns as well as making all “instant checks” a permanent record. The “watch” list is much larger than the “no fly list”. I've seen estimates that the “watch list” is about a million people.
Then I'm adamantly opposed, as opposed to just thinking this is simply another useless government boondoggle.