Emergency Security Assistance Act - Authorizes an appropriation to the President of $2,200,000,000 for emergency military assistance or foreign military sales credits to Israel. States that amounts in excess of $1,500,000,000 may be used only if the President: (1) determines it to be important to our national interest that Israel receive assistance exceeding that amount and (2) reports to Congress such determination at least 20 days prior to such expenditure.
Authorizes the release of Israel from its liability for articles and services supplied it for the period October 6, 1973 through June 30, 1974.
Requires the Secretary of Defense to conduct a study of the 1973 Arab-Israeli conflict to ascertain the effectiveness of the foreign military assistance program as it relates to the Middle East Conflict, including weapons that the United States is providing to Israel through foreign assistance programs, and to compare them to the effectiveness of the weapons which the Soviet Union is providing to the Arab States.