H.R. 2247: The Collectible Firearms Protection Act

M1 Garand rifles were loaned out to South Korea in the 1950s and then in the 1960s sold to the South Korean government. An importer, discovering that the 87, 310 M1 Garand and 770,160 M1 Carbines were no longer needed because South Korea produces and has updated their rifle inventory (M16), so tried to sell them to the importer who wanted to bring the historical rifles back to the US and sell them like the popular Mauser bolt-action rifle and other European historical-collectible rifles and handguns – like the German Luger.

US Infantryman with M1 Garand, Fort Knox, KY - 1942

In 2010, the Obama administration blocked the importation of those rifles via the State Department and in September 2013, issued an Executive Order (yet another) that put a ban on all re-imports of military surplus firearms to private entities.

The White House reps stated:

Even as Congress fails to act on common-sense proposals, like expanding criminal background checks and making gun trafficking a federal crime, the president and vice president remain committed to using all the tools in their power to make progress toward reducing gun violence.

M1 Carbine, Pacific Theatre, WW2

The firearms were made in the USA and the cost of importing them, even though made here would be at least 23% in importation fees; which means the government is throwing away a potential amount to reduce national debt.
Old firearms that were either loaned, given, or sold to US allies – Springfield rifles, M1 Carbines, M1 Garands, and Colt 1911s cannot be returned. During both World Wars and during the Cold War, such firearm exchanges occurred where firearms were sent to Russia, Australia, and the United Kingdom – which includes Korea.
The Civilian Marksmanship Program(CMP) was begun 110 years ago as a government-chartered program to promote firearm safety training and marksmanship for qualified US citizens. It was set up in 1903 by the War Department the same year that the Springfield Model 1903 was accepted by the US Armed Forces. 

The 1903 was a bolt-action rifle that the famous marksman hero, Sergeant Alvin York used in World War I. Most shooters at the time were only familiar with single shot and lever-action rifles. The idea was to teach citizens how to use the latest weaponry in case it was necessary to form a home-front defense system based upon the concept of the constitutional militia.
It took a congressional bill to authorize the loan or sale of those firearms, but Obama took it upon himself as executive administrator to ban them from coming back to the United States. The M1 Garand and M1 Carbine are semi-automatic rifles, not automatic. Game hunters, sport competition shooters, and collectors have coveted these firearms that became scarce as time went by.
In the June 2014, US Representative Cynthia Lummis(R-WY) introduced H.R. 2247: The Collectible Firearms Protection Actin order to reverse the State Department mandate approved by President Obama to block the importation of the historic M1 Garand rifles and M1 Carbines from South Korea and any such firearms from anywhere else to the United States for resale. Rep. Lummis is a constitutional conservative. You can examine her congressional record HERE.
The bill was assigned to a congressional committee on June 4^th, 2013and still has not been reported by Committee in the House and did not reach the Senate for consideration. Specifically, in its full title text:

To amend the Arms Export Control Act to provide that certain firearms listed as curios or relics may be imported into the United States by a licensed importer without obtaining authorization from the Department of State or the Department of Defense, and for other purposes.

There are 36 cosponsors, 33 Republicans and 3 Democrats.
Rep. Lummis stated:

It's disappointing that legislation is even necessary to allow U.S. citizens to access perfectly legal and regulated firearms, in this case storied, U.S.-made rifles that are pieces of U.S. military history. This is a political stunt on the part of the State Department, pure and simple, while denying the exercise of Second Amendment rights by law-abiding citizens, firearm collectors, and competitive marksman. The State Department has no business blocking domestic firearm ownership; they are way out of bounds and my legislation will put them back in their place.

WW2: Inspection Layout w/M1 Garand

The bill appears to be stuck in the House Foreign Affairs and House Ways and Means committees. GovTrackgives it 15 chance of coming out of committee and 0% of passing.
Which means that this congressional election year, citizens must remember what congress members are earning their pay and who is not – and make the change accordingly at their state polling places. Congress requires members that have backbone and are constitutionally minded. They must be the leadership that begins the long road to true government reformation. It is the duty of US citizens to ensure that such people are elected to hold those public offices and abide by their oaths of office.
It would be good to call or write to your representative and see where they stand, if you did not find them on the list of cosponsors on Rep. Lummis' bill.
If not, then this bill, like H.R. 25: The Fair Tax Act, [74 cosponsors, all Republican] will languish in Congress forever without any action; thereby ensuring that the business as usual atmosphere continues in Washington, DC.
Sorry, Mr. President - We the People do not buy that line of yours:
...potentially be exploited by individuals seeking firearms for illicit purposes.
In fact, he has reneged upon every campaign promise for both terms and committed perjury so much, I cannot see how anyone could believe what he says anymore.