Too soon to tell. This one has lots of regulatory hurdles to go through. As I understand it, any changes will be through the FAA regulatory process, not a vote from Congress.

This means a "Notice of Proposed Rule Changes", time for industry leaders to propose amendments, and months (or years) of back-and-forth before anything actually changes.

My prediction on one thing though: it's NOT going to result in a pilot hiring boom. Even if the rule changes are severe and sweeping, at most it would mean a small reduction in capacity to accommodate changes. Airlines are not in a financial position to hire more pilots to cover the same amount of flying.