A bill to amend chapter 44 of title 18, United States Code, to strengthen Federal standards for licensing firearms dealers and heighten reporting requirements, and for other purposes.

Amends the Federal criminal code and the Internal Revenue Code to require that importers, manufacturers, and dealers in firearms include a photograph and fingerprints with their initial firearms license applications and with registrations filed with the Secretary of the Treasury.

Conditions license approval on applicant certification that: (1) the business to be conducted under the license is not prohibited by the applicable State or local law; and (2) the business, within 30 days after the application is approved, will comply with the requirements of applicable State and local law.

Requires the Secretary to approve or deny an application for a license to deal in firearms or ammunition within 60 (currently, 45) days.

Authorizes the Secretary to inspect the inventory and records of a licensed importer, manufacturer, dealer, or collector without reasonable cause or warrant to ensure compliance with firearms-related recordkeeping requirements at any time with respect to records relating to a firearm involved in a criminal investigation that is traced to the licensee.

Requires: (1) each licensee to report the theft or loss of a firearm within 48 hours after it is discovered to the Secretary and appropriate local authorities and to respond within 24 hours after receipt of a request by the Secretary for information contained in required firearms records for determining the disposition of a firearm in the course of a bona fide criminal investigation; and (2) the Secretary to implement a system whereby the licensee can positively identify and establish that an individual requesting information via telephone is employed by and authorized by the agency to request such information.

Directs the Secretary to notify the chief law enforcement officer in the appropriate State and local jurisdiction of the names and addresses of all persons in the State to whom a firearms license is issued.