A bill to amend the Foreign Military Sales Act to require congressional approval for any sale, credit sale, or guaranty involving a major weapons system or major defense service, and to require congressional approval of the total amount of sales, credit sales, and guaranties made to any country or international organization.

Requires the President to transmit annually to the Congress a report covering sales, procurement contracts, and guaranties under the Foreign Military Sales Act proposed to be made during the next fiscal year to each country or international organization. Requires specified systems covered by such report.

Provides that no sale, credit sale, or guaranty involving a major weapons system or major defense service may be made unless the Congress by concurrent resolution approves such sale, credit sale or guaranty.