To encourage the negotiation of a multilateral regime, under the aegis of the United Nations Security Council, to control, and halt if possible, the proliferation of weapons of mass destruction and delivery systems associated with such weapons.

Declares that the establishment of a multilateral regime to control (and, if possible, halt) transfers of weapons of mass destruction and associated delivery systems, equipment, and technology under the aegis of the United Nations Security Council should be among the top priorities of U.S. foreign policy.

Directs the United States to: (1) lead in efforts to establish such a regime; (2) seek to establish an international right of inspection no less stringent than that set forth in the Agreement Between the United States of America and the International Atomic Energy Agency for the Application of Safeguards in the United States; and (3) seek to ensure that such a regime provides for multilateral sanctions against foreign countries and persons that violate the regime that are no less stringent than those set forth in Executive Order 12735 (regarding chemical and biological weapons proliferation).

Specifies that such a regime should include adequate provisions for verification and enforcement.

Sets forth reporting requirements.