This legislation aims to significantly increase accountability and oversight for licensed firearms dealers. It achieves this by tripling the number of allowed compliance inspections for dealers and by increasing the maximum penalty for certain firearms licensees from one year to five years imprisonment. Furthermore, the bill establishes enhanced penalties of up to ten years imprisonment for serious recordkeeping offenses linked to gun trafficking activities. The bill grants the Attorney General expanded authority to suspend or revoke a dealer's license or impose civil penalties of up to $10,000 per violation for non-compliance, including a new requirement for dealers to have secure gun storage or safety devices available for sale. The Attorney General can also deny new license applications if issuing a license would pose a public safety danger or if the applicant is unsuitable. The legislation outlines a clear process for licensees to receive notice, request a hearing, and seek judicial review of adverse decisions. To bolster enforcement, the bill authorizes the Director of the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF) to hire at least 80 additional employees for conducting increased inspections. It also allows the Attorney General to require a physical inventory from a licensee if they have unlawfully transferred a firearm or if ten or more crime guns are traced back to them. The bill removes the term "willfully" from certain liability standards and requires biennial reports to Congress on the Act's implementation and recommendations for improved compliance.