A bill to amend the Arms Export Control Act to provide for congressional participation in certain arms transfer decisions.

Amends the Arms Export Control Act to prohibit the President from issuing a letter of offer to sell major defense equipment for $14,000,000 or more, or other defense articles or services for $50,000,000 or more to any country or international organization unless Congress enacts a joint resolution authorizing the sale. Exempts sales to the North Atlantic Treaty Organization (NATO), member countries of that organization, Japan, New Zealand, Australia, or Israel from such requirement. Prohibits the President from issuing a letter of offer for such sales to such countries or NATO if Congress, within 15 days of receiving the certification with respect to the proposed sale, agrees to a joint resolution stating that the proposed sale is not authorized.

Prohibits the President from issuing a letter of offer to sell design and construction services for $200,000,000 or more to any foreign country or international organization if the Congress, within 30 days of receiving the certification with respect to the proposed sale, agrees to a joint resolution stating that the proposed sale is not authorized.

Prohibits the President from issuing letters of offer for arms sales until after Congress has had time to consider relevant joint resolutions.

Exempts letters of offer for arms sales from the requirements for congressional authorization if the President states in the certification that an emergency exists which requires the proposed sale in the U.S. national security interests.

Sets forth an expedited procedure for consideration of resolutions relating to such letters of offer.

Prohibits the President from issuing a license to export such defense equipment, articles, or services unless the Congress enacts a joint resolution authorizing the proposed export. Exempts from this requirement proposed exports to NATO, any member of NATO, Japan, New Zealand, Australia, or Israel. Prohibits issuing a license to export such defense equipment, articles, or services to NATO and such countries until 30 days after Congress receives the certification on such exports. Excludes proposed exports of such defense equipment, articles, or services from such requirements if the President states in the certification that an emergency exists which requires the proposed export in the interest of U.S. national security. Provides for expedited consideration of joint resolutions relating to such export licenses.

Prohibits the President, unless Congress enacts a joint resolution authorizing such action, from entering into or renewing an arms lease agreement, or military assistance loan to any foreign country or international organization for one year or longer of any defense articles which are either major defense equipment valued at $14,000,000 or more or other defense articles valued at $50,000,000 or more. Excludes from such requirement a lease or loan to NATO, any member country of NATO, Japan, New Zealand, Australia, or Israel. Provides for expedited consideration of such a joint resolution.

Prohibits the President from consenting to a third-country arms transfer: (1) in the case of a proposed transfer to NATO, any member country of NATO, Japan, New Zealand, Australia, or Israel, if the Congress agrees, within 15 days after receiving the President's certification of the transfer, to a joint resolution stating that the President is not authorized to grant consent and that joint resolution is thereafter enacted; (2) in the case of any other such proposed transfer unless the Congress enacts a joint resolution authorizing the President to grant his consent to the proposed transfer. Prohibits the President from consenting to such an arms transfer until after Congress has had time to consider a relevant joint resolution. Exempts third-country arms transfers from such requirements if the President states in the certification that an emergency exists which requires that consent to the proposed transfer become effective immediately in the interest of U.S. national security.