This is the kind of thing that really requires more information. My first question would be how many "loaned" (why the quotes?) aircraft are flying vs privately owned?
I read an article about the kind of horse trading that goes on with the military museums and private collectors under different directors and I have a suspicion that this bill comes out of the politics around that.
I care for the hyperbole: "devastating effect" nor the exploitation of patriotism: "even at air shows or demonstrations of support for veterans," in the language of the call to arms from EAA et al.
I have no desire to see rare warbirds left outside to rot because the military or the Smithsonian doesn't have the funds so I can see the point of the "loans." On the other hand I don't see why if these planes are so rare and valuable they should be lent out without restrictions.
The bigger question, (which I don't think is really what is going on in this little power fight,) is what should you do with rare AC. If there is only one of a kind left is it reasonable to risk flying it? I don't think its an easy question to answer, I feel pretty confident that there are one of a kind private planes flying and nobody really cares. Say there was only one original, (not built up around an original rivet found in a salt marsh,) Spitfire left in the world, how would people feel if it didn't fly? If it did and crashed? Compare that to the same situation but with a Westland Whirlwind, it seems to me there is a difference.
If I was king I would probably decide that "truly rare and historically significant," (in my opinion,) AC would be kept in flying condition but limited to static display and then I would make original 1942 rivets freely available so the rich guys wouldn't have to dig in the salt marsh and could build up a fleet of slightly less "truly rare and historically significant" AC to fly around and impress the crowds and "support veterans."
On a related note, I personally am more interested in ww2 prop aircraft than in any of the jets that have been created since. Is this universal or is it just my age and susceptibility? How about y'all.