Given the recent high profile hacks of large companies, it is quite surprising that the government is pushing to reduce security rather than improve security.
As pointed out in the article encryption tools are freely available. If you force companies to stop using encryption what's to stop the terrorists using the dark web or developing their own encrypted software.
All this bill is doing is opening up regular citizens to greater risk.
If you halt or weaken encryption, the people that you hurt are not the folks that want to do bad things. It's the good people. The other people know where to go.