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Other names for this law
This bill typically is referred to as simply the Brady Bill or the Brady Act.
It was named for James Brady. Brady was press secretary to President Ronald Reagan. He was shot in the head during the 1981 attempted assassination of Reagan. Brady survived, but was permanently disabled.
Scrutiny and a "cooling-off" period for gun purchases
This bill created the requirement for federal background checks on anyone purchasing firearms and that purchasers wait five days before being allowed to take possession of a purchased gun.
It also called for the creation of the National Instant Criminal Background Check System (NICS).
More information
You can find more details about this bill at GovTrack.us.