This bill requires the National Tracing Center of the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF) to establish and maintain electronic, searchable databases of all firearm transaction records within its possession. These records encompass the importation, production, shipment, receipt, sale, or other disposition of firearms, as required to be submitted by licensed entities. The National Tracing Center must establish these databases within three years of the bill's enactment, modernizing the current tracing capabilities. The National Tracing Center will have remote access to and may query these electronic databases for specific purposes, including bona fide law enforcement investigations by federal, state, local, tribal, or foreign agencies, and for foreign intelligence information . While the databases will be searchable by firearm descriptors like serial number, manufacturer, and model, they are explicitly prohibited from being searchable by the personally identifiable information of any individual. Licensees may voluntarily provide electronic access or relinquish older non-electronic records, and the Comptroller General will conduct biennial audits to ensure compliance.