Here is what a read about the bill. What you possess now is grandfathered in. There is about to be a run on these weapons. The source that I found is:
https://www.congress.gov/bill/117th-congress/house-bill/1808
This bill makes it a crime to knowingly import, sell, manufacture, transfer, or possess a semiautomatic assault weapon (SAW) or large capacity ammunition feeding device (LCAFD).
The prohibition does not apply to a firearm that is (1) manually operated by bolt, pump, lever, or slide action; (2) permanently inoperable; (3) an antique; or (4) a rifle or shotgun specifically identified by make and model.
The bill also exempts from the prohibition the following, with respect to a SAW or LCAFD:
importation, sale, manufacture, transfer, or possession related to certain law enforcement efforts, or authorized tests or experiments;
importation, sale, transfer, or possession related to securing nuclear materials; and
possession by a retired law enforcement officer.
The bill permits continued possession, sale, or transfer of a grandfathered SAW, which must be securely stored. A licensed gun dealer must conduct a background check prior to the sale or transfer of a grandfathered SAW between private parties.
The bill permits continued possession of, but prohibits sale or transfer of, a grandfathered LCAFD.
Newly manufactured LCAFDs must display serial number identification. Newly manufactured SAWs and LCAFDs must display the date of manufacture.
The bill also allows a state or local government to use Edward Byrne Memorial Justice Assistance Grant Program funds to compensate individuals who surrender a SAW or LCAFD under a buy-back program.
Well, you’ve heard others.. ‘no big deal, that ain’t nothing’.
The bill permits continued possession of, but prohibits sale or transfer of, a grandfathered LCAFD.
Those two lines of the bill are in complete contradiction. Did Nanzi 'the drunk' Pelozi write it?
Apparently the bill does outlaw possession of LAWs even though some on this thread have said otherwise.