From a layman's reading of the bill, it would require ISPs to set up bans for arbitrary foreign websites, and it would impose harsh penalties on entities enabling any bypass. Whether it is used to its fullest extent cannot be known, but if the President wanted to, this bill would allow them to ban any major foreign website and would require companies to effectively set up a firewall. In theory, it could be applied to be even more severe than the Great Firewall, depending on how you interpret certain sections.