To authorize the disposal of certain strategic and critical materials from the National Defense Stockpile during fiscal years 1992 and 1993 and to amend the Strategic and Critical Materials Stock Piling Act to improve the management of the stockpile.

Authorizes the National Defense Stockpile (NDS) Manager, during FY 1992 and 1993, to dispose of specified excess quantities of materials in the NDS previously authorized for disposal by law or listed in this Act.

Amends the Strategic and Critical Materials Stock Piling Act to: (1) provide that proposed changes in the quantity of any material to be stockpiled shall take effect 30 days after notification to the Congress; (2) revise the required period of congressional notification before the President may implement certain stockpile actions or changes; (3) repeal a provision prohibiting a disposal which would result in an unobligated balance in the National Defense Stockpile Transaction Fund (the Fund) in excess of $100,000,000; (4) make appropriations authorized for disposal actions available until expended; (5) authorize the President to rotate materials in the NDS in order to prevent technological obsolescence; (6) allow moneys in the Fund to be used for the maintenance and disposal of strategic and critical materials; (7) change from semiannually to annually the frequency of reports required from the President on operations under such Act; (8) change from annually to semiannually the frequency of reports required from the Secretary of Defense on stockpile requirements; and (9) delete a provision prohibiting a disposal of any stockpiled material specifically authorized by law during a period of vacancy in the position of the NDS Manager.