To amend the Arms Export Control Act to allow guarantees in connection with commercial sales of defense articles and services to NATO countries, Japan, Australia, New Zealand, and Israel.

Amends the Arms Export Control Act to require the President to extend guarantees in connection with the commercial sale of defense articles and services to North Atlantic Treaty Organization member countries, Japan, Israel, Australia, or New Zealand. Prohibits the President from offering terms and conditions more beneficial than would be provided by the Export-Import Bank of the United States. Authorizes appropriations for FY 1992 and 1993 for the cost of such guarantees. Requires a fee to be charged for each guarantee.