A bill to amend the Arms Export Control Act to delay the approval of arms sales, exports, and licensing agreements unless the corresponding memorandum of understanding, before entry into force, has been transmitted to the Congress.

Amends the Arms Export Control Act to declare that certain Presidential certifications made with respect to a sale, export, or agreement required by a memorandum of understanding (MOU) between the United States and a foreign government for the coproduction or codevelopment of major defense equipment shall not be deemed to have been received by the Congress, unless the President, before such MOU enters into force, transmitted its text to the Speaker of the House of Representatives and the President pro tempore of the Senate.