Definitely goes beyond it. This should be able to get traction as an anti-electronics waste policy.
Designs and relevant documentation should be packaged up and handed over to the Library of Congress (or alternate entity) as soon as any design goes into mass production. LoC may release them when the product is no longer supported by the manufacturer or the company has gone out of business -- which could be fairly automated on the LoC side.
One side-effect of this may be that companies will be incentivized to support hardware longer, if they believe that these designs have notable design elements that they do not wish to disclose.
I'd settle for something non-retroactive. Since I don't think that'd be tenable technically at this point anyway.
One of the cruxes in this are things like GPUs and wireless chips which are pretty unfriendly in terms of getting documentation but even providing a subset of functionality would be great.