Government can't even follow its own rules, but keep legislating more for others.
First of all, spending the "better part of a year" researching to write this bill is a joke. Congressmen don't do their own research, and they don't understand the technology and topics they are dealing with. They need to work with industry groups to write the legislation in the first place - not with government entities.
Secondly, getting an endorsement from NYC police or an association of FBI agents is ridiculous. I have worked for and supported the law enforcement community for the past 9 years, and what I"ve learned is this: they don't believe in security. They don't even follow their own requirements for data that are dicatated by law and by the FBI. Even when they do, they are only audited once every one to two years by state police, and onely once every three years by the FBI, whereas every publicly traded company is mandated by SarbOx to be audited by two different 3rd party entities every year - and to test their DR plans every year as well. Guess what? Law enforcement doesn't have to test DR plans at all. In other words, they are no better equipped to handle another New Orleans-like disaster than they were back then, but they want to dictate to the rest of the world how to do operations and security? They simply are not equipped for it.
Politics is government. Not technology, not business... They simply don't get it. They look at the U.S. like it can dictate so many things based on a land mass border instead of realizing the Internet and technology really have no borders, no walls, no guard at the gate by yourself. In the end, the government wants a key to your door, just like any other intruder, but they don't know how to keep that key safe for you at all, because they don't adequately protect their own doors.
As people have pointed out the obvious over and over: encryption technologies aren't magically created ONLY IN THE U.S. ! Some of the best crypto algorithms and tools are developed outside of the U.S. and are not subject to any of this silly legislation. We really need to get over our self-important behavior or be left behind!
If I was starting a tech company that dealt with security products and technologies, I wouldn't start it here. Maybe Costa Rica.