A bill to require the establishment of a capital projects bureau within the Agency for International Development, to clarify the authorities in the Export Administration Act of 1979 and the Arms Export Control Act, and for other purposes.

Title I: Trade and Competitiveness Act of 1990 - Trade and Competitiveness Act of 1990 - Requires the Export-Import Bank to examine and report to the Congress on the possibility of establishing a special "bundling" program similar to the one for Mexico and other Latin American countries for Eastern European countries, including an examination of the need for export credits for small businesses and consideration of the extent to which such program could facilitate access to funds in capital markets for such countries.

Amends the Export-Import Bank Act of 1945 to authorize appropriations for FY 1991 and 1992 for the Tied-Aid Credit Fund. Requires the tied-aid credit program to be administered by the Bank in consultation with the Capital Projects Advisory Board.

Directs the Administrator of the Agency for International Development (AID) to establish within AID a bureau for capital projects for developing nations and Eastern European countries.

Authorizes appropriations.

Establishes the Capital Projects Interagency Board.

Expresses the sense of the Congress that the U.S. representative at the meetings of the Organization for Economic Cooperation and Development should state U.S. policy on limiting tied offers made by other participants in the arrangement.

Title II: Export Control Rationalization Act of 1990 - Export Control Rationalization Act of 1990 - Amends the Arms Export Control Act to exclude, from the United States Munitions List, items: (1) used for civil or intelligence purposes; (2) which are included on the Industrial List; or (3) which are not on the International Munitions List.

Amends the Export Administration Act of 1979 to specify those categories of articles which shall be subject to export controls under this Act, and not subject under the Arms Export Control Act.

Amends the Arms Export Control Act to authorize the President to guarantee no more than 80 percent of the contract value of a defense export project with friendly foreign countries or international organizations if such project is financed by the private sector.

Sets forth specified requirements with respect to the export licensing application process.