Not passing a bill on something is hardly the equivalent of telling people to STFU about it.So, in about 40 years or so, we should start telling Jewish people to STFU about the Holocaust? Or is there something fundamentally less worthy about the Armenian people that someone can enlighten me about?
If Gurdur hadn't beaten me to it, I would point out that there may conceivably be legal ramifications of this bill, but whatever they are, I think they are outweighed by the political ramifications of it. And I do not know what the legal ramifications would be given that we haven't the authority to order Turkey to pay any type of reparation.
You want a perfect world in which all bad things are officially condemned? Go for it. Push your representatives to officially condemn France for its Southeast Asian colonialism, Spain for it's treatment of the Aztec and Inca, Britain for all its activities in India and Africa, and the United States simply for existing.
Or admit the fact that official labeling of a historical act can only have meaning in a political context and as such will have more political consequences than a fatuous moral self-elevation.