Foreign Aid Reform Act of 1992

Foreign Aid Reform Act of 1992 - Amends the Foreign Assistance Act of 1961 to declare that economic support assistance should be provided principally through commodity import programs, project assistance, sector programs, or the provision of U.S. goods and services.

Permits such assistance to be provided to a foreign government as a cash transfer only pursuant to an agreement requiring the recipient government to spend the cash transfer to purchase U.S. goods and services to the extent that the recipient government purchases goods and services not produced in that country.

Exempts from this Act any recipient government that: (1) receives less than $25,000,000 cash transfer assistance for a fiscal year; or (2) as of April 1, 1989, was receiving such assistance and has an agreement with the United States under which it agrees to spend an amount equal to the amount of the cash transfer on U.S. goods and services, to carry 50 percent of all bulk shipments of U.S. grain on privately-owned U.S.-flag commercial vessels, to purchase U.S. grain at levels comparable to those purchased in prior years, and to comply with such requirements in any fiscal year in which it receives such assistance.

Authorizes the President to waive the requirements of this Act if it is in the national interest to do so.