Conventional Forces in Europe Treaty Implementation Act of 1991

Conventional Forces in Europe Treaty Implementation Act of 1991 - Amends the Arms Export Control Act to authorize the President to transfer to any NATO country that is a party to the Treaty on Conventional Armed Forces in Europe (NATO/CFE) country) defense articles that: (1) are battle tanks, armoured combat vehicles, or artillery included within the Treaty's definition or conventional armaments and equipment limited by the Treaty; (2) were, as of the date of signature of the Treaty, in the stocks of the Department of Defense and located in the Treaty's area of application; and (3) the President determines are not needed by U.S. military forces within such area. Permits the United States to accept such countries' assistance in eliminating direct costs of such transfers and in meeting obligations for destruction of conventional armaments and equipment limited by the Treaty. Authorizes the transfers of such articles without cost to the recipient country.

Applies certain restrictions concerning third party transfers and security to transfers of such articles.

Requires the President to ensure that such transfers, along with transfers by other NATO/CFE countries in implementing the Treaty, are consistent with the U.S. policy of maintaining the military balance in the Eastern Mediterranean.

Terminates the President's authority under this Act at the end of the 40-month period beginning on the date the Treaty enters into force.

Directs the President to notify the House Foreign Affairs Committee and the Senate Foreign Relations Committee prior to making such transfers.

Requires the President to report to specified congressional committees on: (1) all transfers made under this Act; (2) how such transfers further the purposes of this Act; and (3) all transfers made to another country of conventional armaments and equipment limited by the Treaty by each NATO/CFE country and Warsaw Pact country in implementing the Treaty.