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"Red," in American political parlance, means Communist. A "bill," of course, is a measure to be considered by a legislature--if it is passed and meets the other constitutional requirements, it becomes a law. "Anti-" means against.

So, an "Anti-Red Bill" is a legislative proposal to oppose Communism and Communists. In 1950's America, there were many such legislative efforts, mainly aimed at excluding Communists from the Civil Service, Universities, etc. The name of Wisconsin Senator Joseph McCarthy (and "McCarthyism) is associated with this anti-communist philosophy.

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Q: What is Red Bill or Anti-Red Bill?
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