To require monthly reports by the President on the extent to which the Government of Nicaragua has undertaken the reforms necessary to bring about lasting peace, pluralism, and democracy in Nicaragua.

Requires the President to report to the Congress each month on the extent to which the Government of Nicaragua is undertaking the reforms which are necessary to promote democracy in compliance with the Guatemala Peace Accord of August 7, 1987.

Specifies reforms to be discussed in such report, including the extent to which that Government has: (1) undertaken efforts to ensure freedom of expression, association, movement, and religion; (2) reinstated due process and fair trials; (3) ended torture; (4) ended jailing of opposition party activists; and (5) ensured press, labor, campesino, and Indian and Creole rights.