To authorize the disposal and acquisition of certain strategic and critical materials from the National Defense Stockpile and to amend the Strategic and Critical Materials Stockpiling Act to remove a limitation on the disposal of materials and to expand the authority of the President to rotate materials in the stockpile.

Authorizes the National Defense Stockpile (NDS) Manager, during FY 1992, to dispose of specified excess quantities of materials in the NDS previously authorized for disposal by law or listed in this Act.

Authorizes the NDS Manager, during FY 1991 and 1992, to obligate specified funds from the National Defense Stockpile Transaction Fund to acquire materials as authorized under the Strategic and Critical Materials Stock Piling Act (the Act).

Amends the Act to remove a prohibition on disposals from the stockpile if such disposals would result in an unobligated balance in the Fund in excess of $100,000,000. Authorizes the President to rotate materials in the stockpile in order to prevent technological obsolescence.