The bill repeals the Military Selective Service Act, leading to the dissolution of the Selective Service System and the transferring of its assets, records, and personnel to other executive branch positions. It prohibits the denial of federal rights or benefits based on failure to register for the draft and prevents states from penalizing non-registrants. The bill also ensures that non-registration cannot be used to determine someone's moral character or suitability for benefits. Lastly, it emphasizes that the rights of conscientious objectors will not be affected by the repeal.