It provides that colleges and universities that promulgate restrictive speech codes, so-called free-speech zones, and other unconstitutional speech policies will lose their eligibility to receive federal student loans and grants through the Higher Education Act. Private universities will also lose eligibility unless they both fully disclose their policies on free expression and accept contractual responsibility for enforcing those policies.
Majority Leader Mitch McConnell has signed on so it is likely the bill will be voted on, perhaps pass the Senate. The House will not bother, and the issue will be used as campaign fodder in the run-up to Nov. 3. For what it's worth, COTTonLINE endorses this modest effort to counteract the leftward bias in higher ed.