The House copyright subcommittee on July 27 passed a bill that extends the life of t he National Film Preservation Board for 10 years and also creates a new National Film Foundation to raise money for motion picture preservation.
The legislation would continue to fund the National Film Preservation Board at $250,000 annually. The coin is used to focus attention on the need for better film preservation, and to help the board assist the Librarian of Congress in selecting 25 films each year for recognition as historically significant.
The new National Film Foundation would involve a public/private partnership designed to solicit contributions from movie studios, private foundations and philanthropists to help bankroll the preservation of “orphan films” such as documentaries and educational movies.
Under the legislation, Congress could allocate no more than $2 million in public funds for the project. It’s expected the actual amount allocated by Congress will be much less than $2 million.
Whatever public money is allocated will be used as leverage to gain contributions from the private sector.