Here's the full, gruesome PDF. Skip ahead to page 300 for the good stuff, to wit:
Subparagraph (A) shall not apply to any shaft consisting of all natural wood with no laminations or artificial means of enhancing the spine of such shaft (whether sold separately or incorporated as part of a finished or unfinished product) of a type used in the manufacture of any arrow which after its assembly-
"(i) measures 5⁄16 of an inch or less in diameter, and "(ii) is not suitable for use with a bow described in paragraph (1)(A).''.
"(b) EFFECTIVE DATE.-The amendments made by this section shall apply to shafts first sold after the date of enactment of this Act.
And so, parents of America, the answer to all our problems from the learned men and women of the Senate: yes, you WILL still be able to warn your kids that they'll put their eyes out playing with that stuff.