It certainly has bearing on American Jews because it includes all Jews everywhere.
Not surprisingly, there is little information available online about this amendment.
https://www.tandfonline.com/doi/abs/10.1080/13501677108577093
‘Nationality (Amendment No. 3) Law, 5731-1971’ was passed on 17 May 1971.
“Where a person has expressed his desire to settle in Israel, being a person who has received, or is entitled to receive an oleh’s visa under the Law of Return , 5710-1950, the Minister of the Interior may at his discretion upon his application, grant him nationality by virtue of return even before his aliyah.
Oleh and Aliyah are Hebrew words defined to mean an immigrant and immigration respectively under the Law of Return.
Do you imagine that Schumer has declared his intent to move to Israel?