This bill establishes a comprehensive federal system requiring individuals to obtain a Federal firearm purchasing license before they can purchase, receive, or possess a firearm. To be eligible, applicants must complete firearms safety training, including both written and hands-on firing tests, and undergo a thorough background investigation and criminal history check. The system also requires submission of fingerprints and identifying information for the intended firearm and seller. Licenses, issued by the Attorney General within 30 days, are valid for a single firearm purchase within 30 days of issuance and expire after five years. The Attorney General may deny a license if the applicant poses a significant danger of bodily injury to self or others, based on factors like a history of violence, domestic abuse, or drug trafficking. Licenses can also be revoked under similar circumstances, with procedures for firearm removal. Furthermore, the legislation mandates that all private firearm transfers between unlicensed individuals must be facilitated through a licensed importer, manufacturer, or dealer , who will conduct a background check. It also makes it unlawful to sell a firearm to someone who has not obtained a license within the previous 30 days, requiring such transactions to be reported to law enforcement. States with substantially similar licensing processes may be exempt from the federal requirement.