Arms Export Reform Act of 1986

Arms Export Reform Act of 1986 - Requires the President to submit to the Congress a certification in the case of any letter of offer under the Arms Export Control Act, any application for an export license, and any lease or loan agreement relating to certain military equipment regardless of the dollar amount involved in such sale, export, lease, or loan, specifically: (1) turbine-powered military aircraft, rockets, missiles, anti-aircraft artillery, and associated control target acquisition and electronic warfare equipment and software; (2) helicopters designed or equipped for combat operations; (3) main battle tanks and nuclear-capable artillery; and (4) submarines, aircraft carriers, battleships, cruisers, frigates, destroyers, and auxiliary warships. Sets forth the information to be contained in the President's certification to the Congress.

Prohibits the issuance of any such letter of offer and export license and the making of any such lease or loan to: (1) the North Atlantic Treaty Organization, any member country of such Organization, Japan, Australia, New Zealand, or any country which is a party to the Camp David Accords, or an agreement based on such Accords, if the Congress enacts a joint resolution of disapproval within 15 days of receiving the certification; and (2) to any other country or international organization unless the Congress enacts a joint resolution or other provision of law authorizing such sale, export, lease, or loan. Declares that the congressional actions described in the previous sentence shall not be required if the President states in the certification that an emergency exists which requires the proposed sale, export, lease, or loan. Provides for expedited consideration of such joint resolutions.