A new piece of legislation

A new piece of legislation, the Gun Violence Prevention Through Financial Intelligence Act, is aiming to stop terror by having banks report those buying guns to the federal government.

https://www.govtrack.us/congress/bills/117/hr5764
https://www.govtrack.us/congress/bills/117/s3117

Don't they already do background checks

“There is no compelling reason for a government to register firearms except as a necessary step toward confiscating them.”

I know and I'm not for it either but don't background checks already tell the government you own a firearm

The background check is just that, they could know you "tried or attempted" to purchase a gun.
They don't know if you did buy it, or what it was. Also here there is a background check for ammo too. The stupid thing is, if I buy a gun today, I have to do a background check, if I go in the next day, I need to submit to another background check, it is just a revenue generator.