Persian Gulf Security Cost Fairness Act

Persian Gulf Security Cost Fairness Act - Expresses the sense of Congress that the countries of the Gulf Cooperation Council (Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates), that relied on the United States for their military protection in 1990 and 1991, including during the Persian Gulf conflict, and continue to depend on the United States for their security and stability, should share in the responsibility for that stability and security commensurate with their national capabilities.

Directs the President to seek to have each country in the Persian Gulf region to which the United States extends military protection take one or more specified financial and budgetary actions to increase their burdensharing.

Authorizes the President, in seeking such actions or in responding to a country's failure to undertake one or more of them, to: (1) reduce the end strength level of members of the Armed Forces assigned to permanent or part-time duty in the Persian Gulf region; (2) impose on the country fees or other charges similar to those such countries impose on U.S. forces stationed in them; (3) suspend, modify, or terminate any bilateral security agreement the United States has with that country; (4) reduce any U.S. bilateral assistance appropriated for that country; or (5) take any other appropriate action.

Directs the Secretary of Defense to report to Congress on: (1) steps taken by other countries to complete the actions required by this Act; (2) all measures taken by the President to achieve such actions; (3) amounts such countries have allocated to take such actions; and (4) the budgetary savings to the United States expected to accrue as a result of the steps taken under this Act.

Requires the President to review and report to Congress on the status of elements of the U.S. Armed Forces permanently stationed outside the United States, including the national security bases for forward deployment and burdensharing relationships.