Peter DeFazio, Oregon representative, introduced the bill that will impose trade sanctions on countries facilitating ivory and rhino horn trafficking in Africa.
Satao, believed to have been at least 45 years old when he was killed, had long tusks that almost touched the ground.
According to Tsavo Trust, Satao was killed by poachers using a poisoned arrow on May 30, 2014.
DeFazio says ivory from elephant tusks and rhino horn contributes billions of dollars to the global illegal wildlife trade and funds organised crime and terrorist organisations.
More than 20,000 elephants and 1,200 rhino were killed worldwide in 2014.