This bill seeks to discontinue the federal government's collection of firearm transaction records from discontinued firearms businesses and mandates the destruction of all such records already collected. Specifically, it requires the Director of the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF) to destroy all existing firearm transaction records delivered to the Attorney General within 90 days of the bill's enactment. The legislation also amends federal law to prevent the future collection of these records by striking the relevant statutory language. By doing so, the bill aims to stop the federal government from retaining records of firearm transactions from businesses that are no longer operating. Finally, it requires the ATF Director to submit a report to Congress detailing the exact number of firearm transaction records that have been destroyed.