The Military Equipment Quality and Safety Reform Act requires the Department of Defense to create a comprehensive system within 180 days to analyze and address problems found after serious military accidents, known as Class A Mishaps, which involve aircraft, missiles, spacecraft, nuclear weapons, or submarines that result in deaths, permanent disabilities, or at least $2 million in property damage. The system must analyze processes and materials for defects, investigate their causes, implement corrective actions, and ensure this information is shared with relevant personnel and made available to the public, while also reporting findings to Congress and the Joint Safety Counsel. The legislation gives the Defense Secretary authority to enforce compliance through penalties including fines and contract suspension, along with establishing regular audits and monitoring to ensure the system works effectively. The bill aims to prevent future incidents by ensuring the military identifies and addresses underlying equipment quality and safety issues rather than allowing problems to go unresolved after major accidents.