Changes to Federal Rule 11 on sanctions for frivolous lawsuits, again?

The Blog of the Legal Times is reporting today that the U.S. House Judiciary Committee is getting ready to vote on legislation that would restore the system of mandatory sanctions on lawyers who file frivolous lawsuits.  The text of the proposal is available here.  It would make sanctions mandatory once a judge has found a lawsuit to be frivolous under Rule 11 of the rules of civil procedure, and it would remove a 21-day “safe harbor” under which lawyers can now withdraw a lawsuit to avoid threatened sanctions.  As expected, "the proposal has drawn enthusiastic support from business groups who say it would eliminate wasteful litigation, while opponents say it would lead to costly side battles that will consume judges’ time."  Wasn't the approach supported by the bill tried and eventually rejected?