A bill to require the submission of reports to the Congress prior to the issuance of a license for the export of certain arms, ammunition, or implements of war.

Provides that a license for the export of arms, ammunition, or implements of war may not be issued until a report on such exports is submitted to Congress. Directs that the report shall include information as to the name and address of the cosignee, user and manufacturer and the dollar amount of items contained in the application. Specifies that Congress has twenty days to object to the application. (Amends 22 U.S.C. 1934)