To amend title 10, United States Code, to provide for the competitive selection of lessees when a military department leases certain non-excess personal property and to ensure that the Government obtains fair market value for the property.

Requires the Secretary of a military department, when leasing non-excess personal property not needed by such department, to obtain fair market value for such lease interest. (Currently, the fair market value requirement applies only to non-excess real property of a military department.)

Requires such Secretary to use competitive procedures in the selection of a lessee when a proposed lease: (1) involves only personal property; (2) exceeds one year; and (3) has a fair market value in excess of $100,000.