Arms Suppliers Regime Act of 1991

Arms Suppliers Regime Act of 1991 - Declares that the President should undertake to convene a conference of appropriate nations to establish an arms suppliers regime.

States that the purpose of such regime should be to: (1) halt the flow of unconventional arms and technologies necessary to produce such arms to nations in the Middle East; (2) limit and control the proliferation of conventional arms to such nations; and (3) provide incentives for, and promote, regional arms control agreements in the Middle East.

Lists actions to be taken to carry out such purposes.

Requires the President to report annually to the Senate Committee on Foreign Relations and the House Committee on Foreign Affairs on: (1) all transfers of arms to the Middle East over the previous five years; (2) the current military balance in the region; (3) the operation of any agreements comprising the arms suppliers regime; and (4) the supplier nations that have refused to participate in such regime or that have engaged in conduct that violates or undermines the regime.

Prohibits sales, financing, or the issuance of export licenses under the Arms Export Control Act to any nation (other than a member of the North Atlantic Treaty Organization) until the President: (1) certifies that he has undertaken to convene the conference for the establishment of an arms suppliers regime; and (2) submits a specified report on such regime.