This bill mandates the destruction of all firearm transaction records currently held by the Federal Government that originated from discontinued firearms businesses. It requires the Director of the Bureau of Alcohol, Tobacco, Firearms, and Explosives (ATF) to destroy these records, delivered under section 923(g)(4) of title 18, United States Code, within 90 days of enactment. The legislation also amends section 923(g)(4) to discontinue the future collection of such records, preventing the Federal Government from acquiring transaction data from businesses that have ceased operations. This measure aims to prevent what the bill implies is a form of firearm registration. The ATF Director must submit a written report to Congress detailing the number of firearm transaction records destroyed.