Strengthening America's Satellite Industry Act

Strengthening America's Satellite Industry Act - Expresses the sense of Congress that the President should increase U.S. diplomatic efforts to strengthen arms export controls to ensure that such controls are supportive of U.S. arms export controls, particularly with respect to countries of concern to the United States. Requires the President to report annually to Congress for five years regarding such diplomatic activities.

Amends the Foreign Assistance Act of 1961 to require that information regarding certain defense items exported without a license under the Arms Control and Export Act be included in the annual military assistance report.

Amends the Arms Export Control Act to direct the President to report to Congress, by country and by international organization, regarding the total dollar value of major defense equipment and defense articles exported pursuant to licenses for the previous fiscal year.

Authorizes the President to remove satellites and related components from the United States Munitions List, except for any satellite or related component that may be transferred to, or launched into outer space by, the People's Republic of China (PRC).

Directs the Inspector General of the Department of State to: (1) review Department investigations of possible misuse of U.S.-origin defense items, and (2) and report to Congress.

Directs the Secretary of State to report to Congress regarding placing the export licensing functions of the Department's Directorate of Defense Trade Controls on a self-financing basis.