I think this legislation is grandstanding. Even in this hate-filled environment, it is unlikely to pass. However, most anything this bill would accomplish can be done administratively by the Biden Administration without the fanfare.
I suspect you are right about the grandstanding. More and more will come out in the next few days until conservatives are in a lather about the coming dystopia. Then comes the inauguration and Biden steps forward to preach peace and tell the Democrats and oligarchs to stand down. Conservatives will be expected to be so grateful they will never again question the fair election of the munificent and magnificent President.