Well, this is interesting, first we're going to see legislation, then business will comply, then everything will be hacked 2 weeks later. The lack of cryptographic understanding at a legislative level is very dangerous for businesses. They keep pressing for impossible goals, without any understanding of why those goals aren't possible with current technology.
Government is supposed to consult experts in a subject before going off half-cocked, it seems like they're either not bothering or not paying attention because the lack of reality in these statements is rather worrying.