It ALSO requires that the serial number, model, and caliber of each gun be recorded and transmitted to the government.
I guess some of those guns have bad "backgrounds" that need to be checked?
No it doesn't. I don't know what State you live in, but only "long gun" or "hand gun" is transmitted to the government. Yes, I realize that BATF can come into a store and look at the yellow sheets, but that is not quite the same as "transmitting to the government".
If Ashcroft follows the letter of the law, background check records for purchases which were allowed to continue should be eliminated.