Shoulder-fired Missile Threat Reduction Act of 2006

Shoulder-Fired Missile Threat Reduction Act of 2006 - Defines "MANPADS" as: (1) a surface-to-air missile system designed to be man-portable and carried and fired by a single individual; or (2) any other surface-to-air missile system designed to be operated and fired by more than one individual acting as a crew and portable by several individuals.

States that it is U.S. policy to assist foreign governments to secure, remove, or eliminate stocks of MANPADS and other conventional weapons that pose a proliferation, security, or humanitarian threat.

Authorizes the Secretary of State to carry out an accelerated global program to secure, remove, or eliminate stocks of MANPADS and other conventional weapons that pose a proliferation, security, or humanitarian threat.

States that it should be U.S. policy to hold foreign governments accountable for knowingly transferring MANPADS to state-sponsors of terrorism or terrorist organizations.

Directs the President, upon a determination that a foreign government which has repeatedly supported acts of international terrorism knowingly transfers MANPADS to a foreign government or a terrorist organization, to: (1) report such information to the appropriate congressional committees; and (2) impose specified foreign assistance and military assistance sanctions on the transferring government. Exempts humanitarian assistance from such prohibition. Authorizes a national security waiver.

Expresses the sense of Congress that the U.S. government should pursue strengthened international diplomatic efforts to: (1) limit the availability and proliferation of MANPADS; and (2) exert diplomatic pressure to influence member country compliance with such efforts.

Directs the Secretary to report to the appropriate congressional committees respecting MANPADS and conventional weapons threat reduction.