This foot-in-the-door act treads on the constitutional rights of citizens and cannot be successful. Under the act, you, as a private citizen, would have to go to a federally licensed intermediary to conduct a private gun transaction with a friend. Moreover, who is going to determine whether or not a background check is needed? The Act is unenforceable.
Criminals and those with dangerous mental illness should not be able to legally purchase a firearm, but this Act would do little to achieve such a goal. A good summary of the Act’s weaknesses is to be found here.