US President Joe Biden, on Saturday, signed a bipartisan gun control bill before his trip to Europe this month. This comes at a time when gun violence has been recorded to be the number one cause behind children's deaths in the US.

During a televised broadcast, Biden said, "Time is of the essence. Lives will be saved. When we return from Europe, Jill and I, we will be hosting an event in the White House on July 11 to mark this historic achievement."

Biden said the legislation was "the most significant law to be passed in the last 30 years" as he thanked senators and House representatives for having worked together to counter the "epidemic of gun violence."

The new federal law will close some loopholes in gun laws, such as the "boyfriend loophole," and fund crisis intervention and "red flags" laws designed to keep guns out of the hands of people that may be dangerous to themselves and to others.

Read more: US Supreme Court rules in favor of carrying guns in public

US Senate approves 'historic' gun safety bill

The US Senate passed on Thursday a bill aimed at curbing the gun violence ravaging the United States, which has been particularly rampant over the past couple of months. The bill that passed the Senate floor includes narrow restrictions on firearm ownership and allocates several billion dollars to mental health and school security funding.

The bill is likely to be met with a green light on the house floor on Friday, but the changes included in the package pale in comparison to the demands made by the masses - especially gun safety advocates - and President Joe Biden. However, the reforms have been received positively nonetheless.

The legislation in question includes background checks for anyone under the age of 21 seeking to acquire a firearm and allocates $11 billion in funding for mental health support and $2 billion for school safety programs. It also provides funding to incentivize states to implement "red flag" laws to remove firearms from people perceived as a threat.

 Read more: More than two-thirds of Americans want stronger gun control measures