Omnibus Nuclear Proliferation Control Act of 1992

Omnibus Nuclear Proliferation Control Act of 1992 - Requires the President to impose sanctions upon any foreign or U.S. person who has materially and with requisite knowledge contributed, through the exports of goods or technology, to the efforts by any individual, group, or non-nuclear weapon state to acquire unsafeguarded special nuclear material or to use, develop, stockpile, or acquire any nuclear explosive device. Lists such sanctions as prohibitions on procuring goods or services from such persons. Imposes such sanctions on successor entities to such persons, as well as subsidiaries, parents, and affiliates if they materially and with requisite knowledge participated in such activities.

Urges the President to initiate consultations with foreign governments with jurisdiction over such foreign persons with respect to the imposition of sanctions. Requires the President to impose sanctions unless he certifies to the Congress that a government has taken actions to terminate the involvement of a person in such activities.

Exempts from prohibitions on procurement the procurement of defense articles or services: (1) under existing contracts; (2) if the person to whom sanctions would be applied is a sole source supplier, the articles or services are essential, and alternative sources are not available; or (3) that are essential to national security under defense coproduction agreements. Applies such exemption to: (1) products or services provided under contracts entered into before the date the President publishes his intention to impose sanctions; (2) spare or component (not finished) parts essential to U.S. products or routine servicing and maintenance of products, if alternative sources are not available; (3) information and technology essential to U.S. products; and (4) medical or other humanitarian items.

Applies sanctions for at least 12 months and terminates sanctions only if the President certifies to the Congress that a person has ceased to, and will not in the future, aid individuals or non-nuclear weapon states in efforts to acquire unsafeguarded special nuclear material or nuclear explosive devices.

Permits the President to waive sanctions after the 12-month period if he certifies to the Congress that the continued imposition of sanctions would have a serious adverse effect on U.S. interests.

Requires the Secretary of the Treasury to instruct the U.S. executive directors of specified international institutions to oppose any use of funds to promote the acquisition of unsafeguarded special nuclear material or the development, stockpiling, or use of nuclear explosive devices by non-nuclear weapon states.

Amends the Federal Deposit Insurance Corporation Improvement Act of 1991 to impose specified prohibitions on financial institutions that the President has determined have materially and with requisite knowledge contributed to the efforts by any individual, group, or non-nuclear weapon state to acquire unsafeguarded nuclear material or to use, develop, stockpile, or acquire any nuclear explosive device. Lists such prohibitions as: (1) a prohibition on designating such institutions as primary dealers in U.S. Government debt instruments; (2) a prohibition on such institutions serving as agents of the U.S. Government or as repositories for U.S. Government funds; and (3) a prohibition on such institutions commencing any line of business in the United States in which they were not engaged at the time of determination or from conducting business from any location at which they were not conducting business at such time.

Makes requirements for consultation with foreign governments and sanction termination previously listed in this Act applicable to prohibitions on financial institutions.

Authorizes the President to waive a prohibition if he certifies to the Congress that a prohibition would have an adverse effect on the safety and soundness of the domestic or international financial system or on domestic or international payments systems.

Amends the Export-Import Bank Act to prohibit Export-Import Bank assistance to any country that has aided or abetted a non-nuclear weapon state in acquiring a nuclear explosive device or unsafeguarded nuclear material.

Amends the Arms Export Control Act to prohibit sales or leases of defense articles or services to any country that is in breach of its commitments to the United States under international agreements concerning the non-proliferation of nuclear explosive devices and unsafeguarded special nuclear material.

Amends the Foreign Assistance Act of 1961 to authorize the President to waive a prohibition on assistance to countries engaging in certain nuclear enrichment transfers with respect to Pakistan if to do so is in the national security interest.

Provides for sanctions against countries involved in nuclear reprocessing transfers. (Current law prohibits specified types of economic and military assistance to such countries.) Includes within the list of activities that makes a country subject to sanctions the transfer or receipt (by a non-nuclear weapon state) of design information or components necessary for the completion of a nuclear explosive device. Lists such sanctions as: (1) the termination of foreign assistance, except for urgent humanitarian assistance or food or agricultural commodities; (2) the termination of sales of defense articles or services, licenses for the export of items on the U.S. Munitions List, and foreign military financing under the Arms Export Control Act; (3) the denial of U.S. credit or other financial assistance; (4) U.S. opposition to assistance from international financial institutions; (5) the prohibition of U.S. bank loans; and (6) export and import prohibitions.

Waives such sanctions if the President certifies to specified congressional committees that the application of sanctions would have an adverse effect on vital U.S. interests.

Amends the State Department Basic Authorities Act to include within the definition of "international terrorism," for purposes of making rewards, any act contributing to the acquisition of unsafeguarded nuclear material or nuclear explosive devices by an individual, group, or nonnuclear weapon state.

Amends the Arms Export Control Act to require the President's report on adherence to arms control agreements to include a section on noncompliance by foreign governments with commitments to the United States concerning the prevention of the spread of nuclear explosive devices by non-nuclear weapon states or the acquisition by such states of unsafeguarded special nuclear material.

Expresses the sense of the Congress that the Department of State should, in the course of implementing certain reporting responsibilities under the Nuclear Non-Proliferation Act of 1978, include a summary of demarches that the United States has issued or received from foreign governments with respect to activities that are of significance from the proliferation standpoint.

Amends the Atomic Energy Act of 1954 to apply a specified consultation requirement with respect to nuclear exports to exports or transfers of more than 5 kilograms (currently, 20 kilograms) of specified enriched uranium.