The bill, H.R. 7151, aims to amend the Export Control Reform Act of 2018 to streamline how changes are made to the Entity List. It allows members of the End-User Review Committee to directly propose additions, removals, or modifications to the list which identifies entities...
Simple Explanation
The bill wants to make it faster and easier to decide if certain companies or people should be watched closely because they might do things that aren't good for the U.S. They have special rules to say "no" to letting them buy certain things from the U.S. if they might cause trouble.