This bill has been kicking around for a while, with bipartisan support. This passed the Senate last December, and the new bill seems to be a duplicate of the old.
The take-down procedure mirrors the DMCA, but there is no corresponding put-back procedure. That's the real problem. With the DMCA, you can fight a take-down with a counter-notice. Then the copyright claimant has to go to court. There's nothing like that in this bill.
A solution for social site operators: if Trump tries to abuse this: use a classifier to find images of all major administration officials and just blank them out.
[1] https://www.congress.gov/bill/119th-congress/senate-bill/146
[2] https://www.congress.gov/bill/119th-congress/house-bill/633
[3] https://www.congress.gov/bill/118th-congress/senate-bill/456...