"pistol grip" and "shroud" would be interpreted to cover an M1A1 and an M1 carbine. Note also that they propose increased penalties if the citizen owns two to nine other Non prohibited firearms.
On the other hand, there apparently is a grandfather clause under tight restrictions (some of which are not clear in the proposed act...it's at para. S3)
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Nope. It says that they must be turned in, destroyed or rendered inoperable, even if they were legally owned prior to January 2014.