The bill in question here may have some good intentions but falls short of providing a reasonable way to attain said intentions.
If the United States Boxing Association has failed in any regard [safety,legal documentation, etc]. Then adding yet another sanctioning body for them to answer to will only complicate the matter. Furthermore the requirements to be recognized as an "approved sanctioning body" are absolutley unreasonable considering the non-profit nature of amatuer boxing events.
If such a secondary sanctioning body were to be introduced, amateur boxing would suffocate along with the positive impact it has on its participants and the communities they inhabit.