This legislation is presented as protecting free speech, but it would actually interfere with the content private social media companies choose to publish on their platforms.
This legislation would allow people to sue private, online companies if those companies "restrict, censor, or suppress" their speech. Just like private citizens may have free speech, private companies may choose what content they publish on their platforms.
The question of whether or not social media platforms should continue to enjoy the dominating online presence they currently have is one issue. Controlling what these companies choose to publish on their own platforms, however, would infringe on their speech just like telling a newspaper what to publish would infringe on its speech.
This legislation failed in 2021, but it is likely to return in 2022.