That's Universal Background Checks which makes transfer of a firearm a federal record in all cases. It has been suggested that since we in Colorado already have such a law, it would have little or no effect on gun transfers here.
I would expect that such a regulation* would have little effect at the Federal level either since it is largely ignored at the state level. See: Irish Democracy. Meantime, drop a line to your congresscritters suggesting that this action is beyond the scope of the presidency and that the administration needs to be reminded of this.
*It's a regulation since the president supposedly can't make law. Only the congress can make law unless they abrogate their authority to an unelected bureau, answerable only to the president.