HR 45, the "Blair Holt's Firearm Licensing and Record of Sale Act of 2009," would require a federal license to "possess a qualifying firearm ... unless that person has been issued a firearm license" (emphasis added) where a "qualifying firearm" is defined as "(i) any handgun or (ii) any semiautomatic firearm that can accept any detachable ammunition feeding device."
I'm not always sure how to read these things, but that sure looks like "any handgun" is separate from "any semiautomatic" weapon; if so this not just semiautomatic handguns but all handguns.
Most gun owners and most Americans are ok with sensible gun laws -- background checks, reasonable carrying restrictions, and things like that. But getting the federal government's permission to simply own a gun gets a little scary.
It's frequently pointed out that fascist governments always remove the citizenry's ability to protect itself first. This kind of thing always smells like a first step toward that end.
There are always some who say that modern military weapons and armor make possession of conventional weapons for protection from the government pointless, and there is some truth to that, but you've got a better chance with a Glock and a deer rifle than you do with spit wads.
At present this bill only has one sponsor and no co-sponsors (not a sign of the bill's popularity), but it is in committee. It never hurts to let your Congressman know how you feel about it.