To improve certain administrative operations of the Library of Congress, and for other purposes.

Authorizes the Librarian of Congress to dispose of surplus or obsolete personal property of the Library of Congress by interagency transfer, donation, sale, trade-in, or other appropriate method.

Requires proceeds from such disposition to be: (1) credited to the funds available for the Library's operations; and (2) made available to acquire the same or similar property during the fiscal year in which the amounts are received, including the following fiscal year.

States that amounts appropriated or otherwise made available to the Librarian for a fiscal year for salaries and expenses of Library employees may be used by the Librarian to make payments under the student loan repayment program, on behalf of a Library employee, without regard to the source of the funds used to pay the employee's salary.

Makes unobligated balances of expired appropriations made to the Library for fiscal years beginning with FY2011 available to the Librarian to make a specified mandatory deposit to the credit of the Employees' Compensation Fund.

Declares that the budgetary effects of this Act, in order to comply with the Statutory Pay-As-You-Go Act of 2010, shall be determined by reference to the latest statement titled "Budgetary Effects of PAYGO Legislation" for this Act, provided that such statement has been submitted before the vote on passage.