I think that's the goal but there is a reasonable chance that they completely fail and no serious regulation ever gets passed.
That's the thing with technology, people get used to it and then trying to ban/control it makes you look ridiculous. It's like how now that Tesla has made it normal to have driving assistance (and calling it FSD) there is little appetite outside of contrarian circles for serious regulation. If, however, regulation was proposed before Tesla shipped then it might have passed.
Never underestimate the pull in politics for calls to "protect the children", stop x-ism/x-phobia/etc, foreign boogiemen, or lack of control by law enforcement/Intel agencies... or merely the revolving door that will start once companies like OpenAI become massive and their ex "AI ethics" execs are the ones writing the policy to protect us all from ourselves.
These sorts of "public/private" control patterns and the destruction of competition while maintaining private monopoly control in the pursuit of "safety"/"equity" is America's most reliable religion.
HN is always full of people pushing for it in one way or the other, so it's not entirely foreign to us either. Nor something we can merely blame on politicians or some intentional conspiracy by a subset of the population.
That's the thing with technology, people get used to it and then trying to ban/control it makes you look ridiculous. It's like how now that Tesla has made it normal to have driving assistance (and calling it FSD) there is little appetite outside of contrarian circles for serious regulation. If, however, regulation was proposed before Tesla shipped then it might have passed.