The AICPA opposes the bill. After the fiasco of Loving v. Commissioner, the IRS was left unable to regulate tax preparers (beyond requiring them to have a PTIN). As of right now, the Internal Revenue Service lacks any statutory authority to regulate tax preparers, and Congress is trying to change that after the courts decided against the IRS commissioner.
Federal courts invalidated the RTRP program in 2013, and the IRS developed the optional AFSP certificate in response. The new AFSP program has been met with mixed reviews and only limited participation.
The proposed legislation gives the IRS the ability to exempt CPAs and EAs from the new requirements, so it's unclear why the AICPA is opposing the legislation.
Our advice: Become an EA!