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 headed by an Assistant Secretary of Defense which shall be responsible for formulating, coordinating, and supervising a continuing program of security and accountability for weapons and munitions of the Department of Defense. Requires the Assistant Secretary heading such Office to review existing accountability and security procedures, to modify such procedures or institute new ones as may be necessary, and to conduct periodic inspections to insure that such procedures are being followed. Requires the military departments to conduct investigations whenever suffering a loss of weapons or munitions.

Requires each military department to submit quarterly reports to the Office regarding security and accountability of all weapons and munitions under its jurisdiction.

Requires the Secretary of Defense to submit an annual report to Congress summarizing weapons and munitions losses and recoveries by each military department.