Overseas Base Closure and Realignment Act of 1989

Overseas Base Closure and Realignment Act of 1989 - Establishes the Commission on Realignment and Closure of Bases Outside the United States. Requires the Commission to make recommendations with respect to the realignment or closure of U.S. military installations outside the United States and report to the Secretary and specified congressional committees the results of such recommendations. Directs the Secretary of Defense to: (1) close all military installations located outside the United States and recommended for closure by the Commission on Realignment and Closure of Bases Outside the United States; (2) realign all military installations located outside the United States and recommended for realignment by the Commission; and (3) initiate such closure or realignment no later than the earliest date on which the United States may, pursuant to treaty or other agreement with the foreign country concerned, close or realign the military installation concerned.

Prohibits the Secretary from carrying out any closure or realignment under this Act unless: (1) no later than March 15, 1990, the Secretary has reported to the Senate and House Armed Services Committees that the Secretary has approved and will implement all closures and realignments recommended by the Commission; and (2) the Commission has recommended such closures or realignments and has reported such recommendations to the Committees. Prohibits the Secretary from carrying out any such closure or realignment if a joint resolution is enacted disapproving the recommendations of the Commission within a specified time.

Directs the Secretary, in closing or realigning a military installation under this Act, to carry out any actions necessary to implement such closure or realignment. Waives, for purposes of this Act, any provision of law restricting the use of funds for closing or realigning military installations included in any appropriation or authorization Act.

Establishes in the Treasury the Department of Defense Overseas Base Closure Account. Provides that, when a decision is made to use funds in the Account to carry out a construction project and the cost of such project will exceed the maximum amount authorized by law for a minor construction project, the Secretary shall notify the appropriate congressional committees of the nature of, and justification for, such project and the amount of expenditures for the project.

Directs the Secretary, as part of each annual budget request for the Department of Defense, to transmit to the appropriate committees of the Congress: (1) a schedule of the closures and realignments to be carried out under this Act and the cost savings to be achieved; and (2) a description of the military installations to which functions are to be transferred as a result of such closures and realignments. Directs the Secretary to report to the appropriate congressional committees the amount and nature of deposits into, and expenditures from, the Account during the prior fiscal year.

Outlines the legislative process for the consideration of Commission recommendations by way of a joint resolution in the Congress.