Directs each Federal district court to institute a court-annexed arbitration program.

Official title: A bill to amend title 28 of the United States Code to encourage prompt, informal, and inexpensive resolution of civil cases by use of arbitration in United States district courts, and for other purposes.

Directs each Federal district court to institute a court-annexed arbitration program. Prescribes the guidelines under which the chief judge of a Federal district court shall certify arbitrators. Sets criteria for the compensation and reimbursement of arbitrators. Specifies the types of civil actions which shall be referred to court-annexed arbitration, including actions based upon Federal diversity jurisdiction and Federal question jurisdiction. Details the procedures for arbitration referrals and for arbitration hearings, including guidelines for the submission of evidence. Confers upon an arbitration judgment the same status as court judgment in a civil action, but precludes appeal. Allows any party to demand a new trial in district court within 20 days after an arbitration award has been filed with the district court. Requires the assessment of arbitration costs against the party who demanded a new court trial which resulted in a judgment less favorable to such party than the arbitration award. Authorizes the Judicial Conference of the United States to develop procedures for the conduct of arbitration proceedings. Directs the Federal Judicial Center to report to the Congress regarding the use, benefits and efficacy of arbitration. Directs the Attorney General to promulgate regulations describing the cases subject by arbitration under specified law. Authorizes appropriations.