A bill to provide a fair process, with maximum opportunity for public comment, that will help eradicate from this Nation those weapons for which no legitimate purpose exists and which are so lethal that they constitute an unreasonable risk to law enforcement and the public at large, while at the same time ensuring that the law-abiding public has full access to firearms created for legitimate purposes, including firearms intended for hunting and recreational use.

Directs the Attorney General to establish a Standing Commission on Semiautomatic Assault Weapons. Requires the Commission to: (1) make recommendations to the Attorney General for restricting the manufacture, sale, distribution, and possession of domestic-made semiautomatic assault weapons and large capacity ammunition feeding devices; (2) conduct public hearings and meetings on recommendations proposed by private citizens, law enforcement, and the Commission; and (3) transmit to the Attorney General together with the required recommendations a report on its findings and conclusions. Directs the Attorney General to: (1) reject the recommendations of the Commission in whole (in which case recommendations regarding semiautomatic assault weapons and large capacity ammunition feeding devices shall be deemed terminated for the year in which they were transmitted to the Attorney General); or (2) accept the Commission's recommendations in whole or in part, and commence a public process for issuing regulations based on such recommendations. Requires the Attorney General to submit the recommendations of the Department of Justice which comprise the final regulations, together with such regulations, to the appropriate congressional committees. Sets forth provisions regarding: (1) the effective date of any such regulations; and (2) congressional consideration of the Commission report.