fair market value if such exchange is not completed by such time. The bill would make the land exchange and any such sale subject to specified additional terms and conditions, including to valid existing rights and the White Lotus Foundation paying the reasonable costs of surveys, appraisals, and other administrative costs associated with the exchange or sale. The bill would require land conveyed by exchange or sale under this Act to be appraised by an independent appraiser selected by the Secretary and such an appraisal to be conducted in accordance with nationally recognized appraisal standards. Congressional Budget Office report This summary is based largely on the summary provided by the Congressional Budget Office, as ordered reported by the House Committee on Natural Resources on November 14, 2013. This is a public domain source. The Congressional Budget Office (CBO) estimates that enacting H.R. 3008 would have a negligible impact on the budget. The bill would authorize the exchange of 5 acres of land in the Los Padres National Forest for unspecified lands owned by the White Lotus Foundation. If the land exchange does not occur within two years, the Forest Service would offer to sell the land to the foundation, and the proceeds would be deposited in the Treasury. If the Forest Service sold the affected land to the foundation, enacting H.R. 3008 would increase offsetting receipts, which are treated as reductions in direct spending; therefore, pay-as-you-go procedures apply. Based on information regarding the value of lands near the affected federal land, the CBO estimates that enacting the legislation could increase offsetting receipts by less than $300,000 after 2015. Enacting the legislation would not affect revenues. H.R. 3008 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. Procedural history H.R. 3008 was introduced into the United States House of Representatives on August 2, 2013 by Rep. Lois Capps (D, CA-24). It was referred to the United States House Committee on Natural Resources and the United States House Natural Resources Subcommittee on Public Lands and Environmental Regulation. It was reported (amended) alongside House Report 113-295. It passed the House on January 27, 2014 in Roll Call Vote 25 by 367-27. It was received in the Senate on January 28, 2014 and referred to the United States Senate Committee on Energy and Natural Resources. Debate and