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 of Certain Sales and

Restitution Payments

Title IV: Amendments Relating to the Library of Congress

Trust Fund Board

Title V: Support and Reimbursement of Arbitration Panels

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) preparation of research report, translations, and analytical studies 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 program; and (7) special events and programs. Authorizes the Librarian to: (1) establish Fund service units to carry out such activities; and (2) make such library products and services available for purchase through the units at prices that do not exceed levels necessary to recover the production and distribution costs. Credits to the Fund appropriations for such activities and all amounts received by such units with respect to such activities.

Title II: Cataloging Products and Services - Authorizes the Librarian to make cataloging products and services, created by the Library, available for purchase at prices that do not exceed the distribution costs. Requires receipts to be deposited in the Treasury and credited to the Library's salaries and expenses appropriation.

Title III: Retention of Proceeds of Certain Sales and Restitution Payments - Authorizes the Librarian to sell personal property that is excess to the collection or the exchange and donation programs of the Library. Prohibits the sale of: (1) personal property received by the Library as a gift or otherwise under a written acceptance or other written agreement by the Library that prohibits such sale; (2) audio books and other items for the blind or the physically handicapped; or (3) products of the Congressional Research Service.

Authorizes the Librarian to sell copies, phonorecords, or identifying material deposited in the Copyright Office only if: (1) the articles are sold as scrap for recycling; (2) the Library has owned the articles for at least five years and there is no reasonable likelihood that the later resale or commercial use by the purchaser will materially impair the market value of the work; or (3) the copyright has expired. Specifies restrictions on the sale of such copyright deposits.

Authorizes the Librarian to accept payments for lost, stolen, damaged, or destroyed book and other materials from the Library's collection if such payments are: (1) ordered by any judicial or administrative authority; or (2) received from a borrower or other Library user.

Establishes in the Treasury a fund consisting of the proceeds of sales of excess property or copyright deposits and restitution payments described under this title. Provides that account funds shall be available to the Librarian for the acquisition for the acquisition of books and other materials for the collections of the Library, including the costs of administering the national and international acquisition programs of the Library.

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

Increases the amount that may be on deposit in the Library's permanent loan account in the Treasury to $30 million.

Allows gifts or bequests accepted by the Librarian to be invested or reinvested if agreed to by the Librarian and the Board, in the same manner as provided for trust funds given or bequeathed to the Board.

Title V: Support and Reimbursement of Arbitration Panels - Revises the purposes of Copyright Arbitration Royalty Panels to include making determinations concerning the adjustment of copyright royalty fees for secondary transmissions by satellite carriers and network stations.

Directs the Librarian to provide by regulation for the reimbursement of arbitrators on the panels. Requires each arbitrator to be an independent contractor acting on behalf of the United States and to be paid pursuant to a signed agreement between the Library and the arbitrator.

Provides that provisions of the Legislative Branch Appropriations Act, 1994 that require a personnel reduction by one for each vacancy created by reason of a voluntary separation under such Act (whether by retirement or resignation) shall not apply to Library positions required for the administration of compulsory licensing.