You'll never satisfy the skeptics of genetically altered produce.
But then, many of those skeptics are the same people who don't understand how it works, or the fact that since the dawn of agrarian society we've been selectively cultivating plants to create genetic hybrids, weed out undesirable genetic traits, foster positive ones, etc..
All I see is a bill that says Monsanto can sell their products to any willing farmer. That doesn't mean the products will all be cleared for consumer sale, or that consumers will even want them. Just that the federal government isn't going to step in and dictate what Monsanto can sell to it's partners and what it's partners can grow on their private property.
Makes complete sense to me. Any consumer protections in foods needs to come between the market and the consumer, not the farmer and the market, or the seed provider and the farmer.
Lets say Monsanto develops a genetically modified soybean that is undeniably harmful to humans but creates the most efficient bio-fuel on the planet. Should the federal government be able to limit the sale and planting of what is effectively an entirely industrial crop? They don't do it with low grade flax seeds that are too inferior to make quality flaxseed oil (cold pressed) and are planted from day one with linseed oil for wood care (heat extracted, toxic to humans) as the final destination.
Until it's going into the mouth of a human, cow, chicken, etc. the government doesn't need to tell anyone what they can plant or what seeds they can sell.