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.

Amends the Mutual Security Act of 1954 to require the President, upon approval of any munitions export license, to notify Congress of the total dollar amount of the items in the approved application. Amends such Act to prohibit issuance of such export license if the Congress objects to its issuance by concurrent resolution within 20 days of receipt of the Presidents' notification of approval, unless the President certifies that a state of emergency exists which requires the granting of such license in the national security interests of the United States.