A bill to amend title 10, United States Code, to establish in the Department of Defense the position of Under Secretary of Defense for Acquisition; and to require the Secretary of Defense to conduct a test program to streamline the efficiency of the management structure of major defense acquisition programs.

Title I: Establishment of Position of Under Secretary of Defense for Acquisition - Establishes in the Department of Defense (DOD) under the Secretary of Defense the position of Under Secretary of Defense for Acquisition, appointed by the President with the advice and consent of the Senate. Requires the Under Secretary to: (1) be responsible for all acquisition activities of DOD; and (2) perform such duties as the Secretary may prescribe.

Redesignates the position of Under Secretary of Defense for Research and Engineering as Director of Defense Research and Engineering.

Title II: Experimental Streamlining of Management of Major Defense Acquisition Programs - Requires the Secretary of Defense, through the Secretaries of the military departments, to conduct an experimental program aimed at increasing the efficiency of the management structure of major defense acquisition programs by reducing reporting requirements. Requires the Secretary of each military department to designate two such programs for participation in the experimental program.

Requires the Secretary of Defense to issue guidelines governing the management of major defense acquisition programs designated for participation in the experimental program.