A joint resolution to provide for the contribution by the United States, the Soviet Union, and other states of nuclear material recovered from warheads under arms control treaties for use for peaceful nuclear programs under auspices of the International Atomic Energy Agency, particularly to benefit developing states which are parties to the Treaty on the Non-Proliferation of Nuclear Weapons.

Declares that it shall be U.S. policy to seek: (1) mutual pledges by the United States and the Soviet Union to use weapons-grade nuclear materials recovered from warheads only for peaceful purposes; and (2) an agreement with the Soviet Union providing for reciprocal contributions of all weapons-grade nuclear materials that are recovered from warheads dismantled under arms control agreements to be made available for peaceful nuclear purposes under the auspices of the International Atomic Energy Agency (IAEA), particularly to benefit those states with the greatest economic development needs.

Directs the President to seek to negotiate an agreement with the Soviet Union to implement such policy. Requires that such agreement provide for: (1) establishment of a nuclear material recovery depository, under the auspices of the IAEA, for weapons-grade nuclear materials removed from dismantled nuclear weapons; (2) conversion of all such materials into a non-weapons-usable form suitable for commercial energy or other nonmilitary purposes; (3) arrangements for bilateral U.S.-Soviet inspection and verification of all such materials held by either country; (4) application of IAEA safeguards to all such materials after they leave the control of the contributing state; (5) establishment of criteria for use by the IAEA in determining which states will receive such recovered materials; (6) use of the amounts paid by states to obtain contributed nuclear materials for payments to IAEA to finance certain safeguards and peaceful uses or for payments of assessed United Nations contributions of the contributing state; and (7) procedures to allow states other than the United States and the Soviet Union to make such materials available for use in accordance with the arrangements contemplated by this Act.

Prohibits the transfer of weapons-grade nuclear materials contributed by the United States from U.S. control in a form which could reveal restricted data and cause an undue security risk. Allows states to take the steps necessary in the removal and dismantling process to protect the security of all classified design features of weapons systems.

Requires the President to report to the Congress within 180 days of enactment of this Act on a plan to implement the policy established by this Act.