As much as I love this, I fail to see how this would be able to be written into law. It's basically gov mandated warranty period. If the goal is to have manufacturers make products that last, how long is long enough for every product category? What's to say that they do the same thing and design products that fail right after warranty ends? Who decides if there is foul play in designing faulty products and how? Unless the gov makes their own product that lasts for 20 years and tells every other company to use this as a baseline otherwise get fined, I don't know how they would be able to enforce this.
I just think this is a big gray area and it would be hard to make this cut and clear. The only thing I think they could do for now is to have companies provide repair manuals and provide parts for a set amount of years after product launch, and repairs should be able to be made by customers themselves without needing to go through 1st party verification like Apple requires with their phones.