As ordered reported by the House Committee on the Judiciary on April 2, 2014
Based on information provided by the Administrative Office of the United States Courts, CBO estimates that implementing H.R. 4292 would have no significant effect on the federal budget. Enacting H.R. 4292 would not affect direct spending or revenues; therefore, pay-as-you-go procedures do not apply.
Under current law, works of art loaned by foreign governments generally are immune to certain decisions made by federal courts and cannot be confiscated if the President, or the President’s designee, determines that display of the works is in the national interest. However, commercial activity in which foreign governments are engaged does not have immunity in federal courts. H.R. 4292 would clarify that importing works of art into the United States for temporary display is not a commercial activity, and thus that such works would be immune from seizure.
H.R. 4292 contains no intergovernmental or private-sector mandates as defined in the Unfunded Mandates Reform Act and would not affect the budgets of state, local, or tribal governments.