A bill to provide for the establishment and enforcement of security and accountability procedures necessary to protect weapons and munitions of the Department of Defense against theft and loss.

Establishes within the Department of Defense a Weapons and Munitions Security Office to be responsible for formulating, coordinating, and supervising a continuing program of security and accountability for weapons and munitions of the Department of Defense. Designates the Assistant Secretary of Defense as the head of such Office.

Directs the Assistant Secretary to: (1) review all security and accountability procedures with respect to Department of Defense weapons and munitions; (2) modify existing procedures, or promulgate new procedures to protect weapons and munitions against theft or loss and to provide for the accurate and timely accountability of such weapons and munitions; and (3) conduct periodic investigations regarding compliance with such procedures.

Requires a thorough investigation of any weapons or munitions loss by the military department concerned.

Requires each military department to submit quarterly reports to the Assistant Secretary including a description of all losses and recoveries of weapons and munitions.

Requires the Secretary of Defense to submit an annual report to Congress summarizing such losses and recoveries. (Adds 10 U.S.C. 2686)