Library of Congress Financial Reform Act of 1994

TABLE OF CONTENTS:

Title I: Library of Congress Revolving Fund

Title II: Cataloging Products and Services

Title III: Retention of Proceeds by Library of Congress

Title IV: Amendments to the Library of Congress Trust Fund

Board Act

Title V: Amendments to Copyright Arbitration Royalty Panels

Legislation

Title VI: Supplementary Provisions

Library of Congress Financial Reform Act of 1994 - Title I: Library of Congress Revolving Fund - Establishes in the Treasury the Library of Congress Revolving Fund. Makes such Fund available to the Librarian of Congress for: (1) research reports, translations, and analytical studies prepared for Federal agencies; (2) centralized acquisition of publications, information services, and Library materials, and training in library and information services, for Federal agencies; (3) decimal classification development; (4) gift shop activities; (5) document location, copying and delivery services, and international interlibrary lending; (6) centralized acquisition activities for libraries participating in the Library's overseas programs; and (7) special events and programs. Credits to the Fund appropriations for such activities and all fees, advances, and reimbursements received for products and services furnished through such activities. Authorizes the Librarian to charge fees to recover the production and distribution costs of products and services provided through such activities.

Title II: Cataloging Products and Services - Authorizes the Librarian to furnish cataloging products and services to institutions or individuals for purchase at a price that recovers distribution costs. Requires revenues to be deposited in the Treasury and credited to the Library's salaries and expenses appropriation.

Title III: Retention of Proceeds by Library of Congress - Authorizes the Librarian to sell personal property, including books, periodicals, and other materials, determined to be excess to the collections or the exchange and donation programs of the Library. Sets forth restrictions on the sale of copies, phonorecords, or identifying material deposited in the Copyright Office, but authorizes the sale where: (1) the articles are sold exclusively as scrap for recycling; (2) the Library has owned the articles for at least five years or there is no reasonable likelihood that their later resale or commercial use by the purchaser would materially impair the market value of the work; or (3) the copyright has expired.

Prohibits the sale of: (1) copies of materials received by the Library under written deeds of gift or other contractual agreements which expressly preclude the transfer of ownership or possession by the Library or which do not authorize the proposed sale; (2) materials distributed by the National Library Service for the Blind and Physically Handicapped; or (3) products of the Congressional Research Service. Authorizes the Librarian to accept payment or restitution for lost, stolen, damaged, or destroyed books, periodicals, newspapers, phonorecords or other materials from the Library's collection if such sums are: (1) ordered by any judicial or administrative authority to be paid to the Library; or (2) received from a borrower or other Library user.

Establishes in the Treasury an account consisting of the proceeds of any sale of excess materials or any payment or restitution described under this title. Provides that account funds shall be available to the Librarian for the acquisition of books, periodicals, phonorecords, and other materials, including the costs of administering the national and international acquisition programs of the Library.

Title IV: Amendments to the Library of Congress Trust Fund Board Act - Appoints the vice chairman of the Joint Committee on the Library to the Library of Congress Trust Fund Board.

Increases the amount that may be on deposit in the permanent loan account of the Treasury to $20,000,000.

Allows gifts or bequests accepted by the Librarian to subsequently be offered to the Board in cases where the Librarian determines, and the Board agrees, that the purposes of the gift or bequest would be best accomplished by the Board's authority to invest and reinvest monies or securities donated or bequeathed.

Title V: Amendments to Copyright Arbitration Royalty Panels Legislation - Authorizes the Librarian and the Register of Copyrights: (1) in distribution proceedings before copyright arbitration royalty panels, to deduct costs of such panels from royalty fees; and (2) in ratemaking proceedings, to require the parties to pay the costs of the panels.

Title VI: Supplementary Provisions - Requires the Librarian to respect and preserve the security classification of any scientific or technical material in the possession or control of the Library. Requires the President to certify the classified status of items received as being essential in the interest of national defense.

Prohibits: (1) the use of CRS resources to generate fee-based research and information services; or (2) the marketing or publication of CRS products without prior approval of either the Committee on House Administration or the Senate Committee on Rules and Administration.