Expressing the sense of the Congress that the United States should impose sanctions under the Arms Export Control Act and the Iran-Iraq Arms Non-Proliferation Act of 1992 with respect to the acquisition by Iran of advanced missile technology from other countries and should take steps to expedite the development of a missile defense system for the United States and for United States forces wherever deployed to deal with the Iranian missile threat, and should assist Israel in the acquisition of a missile defense system capable of defending all Israeli territory against Iranian missile attack.

Declares that the President should: (1) impose sanctions under the Arms Export Control Act and the Iran-Iraq Arms Non-Proliferation Act of 1992 to the fullest possible extent, including freezing assets and seizing property in the United States of entities involved in illegal transactions with Iran; (2) take steps to expedite the development of a missile defense system for the United States and for U.S. forces wherever deployed to deal with the Iranian threat, including accelerating development of the Navy Upper Tier program and improving the integration of the Patriot, AEGIS, and THADD missile radar systems; and (3) provide assistance to Israel to acquire a third Arrow missile battery for protection against the Iranian missile threat.