I read it as both the pilot and co-pilot would hold an ATP.

Also keep in mind (remember from civics class) that this is a just the house version of the bill. Any legislation enacted into law via the house and senate will eventualy filter to the FAA where they will consider the law in the rule making process.

Point is, it's going to be a while before you see final language in the FARs. Maybe a year? Who knows.