Nuclear Warheads Security and Plowshares Act of 1991

Nuclear Warheads Security and Plowshares Act of 1991 - Urges the President to: (1) determine a fair and equitable price for the purchase of diluted uranium equivalent to the volume of Soviet fissile materials made redundant through unilateral reductions and arms control agreements; and (2) consult with the leadership of the Soviet Union to establish a procedure for the collection, dilution, and safeguarding of fissile materials from dismantled weapons.

Expresses the sense of the Congress that it should be U.S. policy that any reduction of the Soviet stockpile of fissile material for weapons should be accompanied by a parallel decrease in the U.S. inventory of such materials and by implementation of safeguards on such materials.

Expresses the sense of the Congress that the President should initiate talks with the President of the Soviet Union and the Director-General of the International Atomic Energy Agency (IAEA) to: (1) seek agreement that the mutual and verifiable destruction and storage of nuclear warheads will be subject to mutually agreeable and comprehensive verification; and (2) discuss the advisability and feasibility of an agreement to place all civilian fissile materials possessed by the United States and the Soviet Union under IAEA or equivalent bilateral safeguards.

Directs the President to provide to the Soviet Union: (1) certain surplus agricultural commodities owned or controlled by the Commodity Credit Corporation; or (2) agricultural commodities or other essential commodities purchased at market prices in exchange for Soviet fissile materials of equivalent value. Requires the President, in addition to such commodities, to provide to the Soviet republics 25 percent of the monetary value of the Soviet fissile materials acquired in the form of financial assistance to be available only for the establishment of regional and local development banks.

Directs the Secretary of Energy to conduct a study on U.S. and Soviet plutonium stocks and safe and effective means to store and ultimately dispose of such inventories and the plutonium accumulating in spent civilian-power reactor fuel.

Requires the Secretary to report to the Congress on: (1) a plan for the safeguarded storage and dilution of enriched uranium acquired under this Act; (2) a plan for the safeguarding of plutonium in facilities in the Soviet Union and the United States; and (3) the findings of the study on plutonium stocks.

Expresses the sense of the Congress that the Secretary of State should explore with the Soviet Union an agreement not to produce highly enriched uranium or separated plutonium.

Directs the Secretary of Defense to transfer funds to the President to carry out the transfer of commodities to the Soviet Union under this Act.