A bill to establish a commission to study ways of improving defense procurement.

Establishes the Commission on Improving Defense Procurement. Directs the Commission to: (1) make a comprehensive study and review of all relevant reports, studies, and analyses on defense procurement; (2) carry out such original investigations concerning defense procurement as it considers appropriate; and (3) make recommendations to the President and the Congress on ways to improve the organization, management, and overall economic efficiency of the defense procurement system, including the elimination of waste, fraud, and abusive practices.

Sets the Commission's membership at 15 members and provides procedures for appointment. Provides that the Commission members should be appointed not later than 60 days after funds are first made available for operation of the Commission, and requires the first meeting to be held no later than 30 days after the last member is appointed.

Requires the submission of a report to the President and the Congress of their findings and recommendations not later than one year after the date of the first meeting of the Commission. Requires copies of such report to be furnished to the Secretary of Defense and the Comptroller General for their comments and recommendations.

Provides for the appointment procedures for an Executive Director and staff. Specifies the compensation for the Executive Director and members of the Commission.

Sets forth various administrative provisions relating to the Commission.

Terminates the Commission 15 days after the submission of certain required reports.