Yes, it is a complete Federal ban...
...on importing or TRANSPORTING (between states) any of the big snakes from boa constrictors on up to the bigger ones. You would still be able to keep what you have - unless you ever decide to move across state lines. Then you are out of luck.
Of course, I am sure it will work as well as the drug bans - we certainly don't see those sold anymore (sarcasm). What it WILL accomplish is that law abiding python and boa breeders will go out of business, since most states won't have enough customers to keep them afloat. But there will be plenty of people breeding a few pairs of this and that, and plenty of customers who don't care about stupid laws, and they will just go out of state and buy what they want.
What it will also accomplish is that those buyers and sellers will not be regulated anymore, since they have to hide what they are doing. And they, and the law abiding citizens who DON'T participate, will have lost what little respect for the law that they may have had previously.
What it won't accomplish is what officials say they want to accomplish. And that is to shut down the trade because of the invasive abilities of the species listed. Of course, since they aren't invasive to begin with in 95% of the US, I guess the unregulated lawbreakers won't be more likely to contribute to THAT particular problem.
The whole thing is just about special interest groups, and media. Nothing to do with science or the true "Public Good". And that is often true of MANY government regulations and bans. That is why I stated earlier that everyone should fight them all, UNLESS the officials proposing it can show a TRUE and GREAT public benefit for giving up ANY freedoms. Sometimes curtailment of rights is worth the benefit to society - but very often it is not.