I don't like federal funding for education, and I like it even less when threatened withdrawal of same is used as coercion.
I don't think Columbia's action in inviting Ahmanutjob should be seen as undercutting the Govt's duty to protect the country. He was there in NYC anyway for the UN (that's a different discussion), and using Columbia as a soapbox, while offensive, is not truly threatening to America's security, per se.
I think it was wrong and stupid to give him a place to tear down America on our own soil.
And yeah, on reflection, this probably is more or less a bill of attander, being after-the-fact retribution without hearing or trial. I doubt it'll have any real effect -- this is one of those bills that Congresscritters love to tout in their pro-America credentials list, but not much else.