The Missile Technology Controls Revision Act modifies how the U.S. exports advanced military technology to its closest allies. Specifically, the bill changes the policy on selling missile-related materials classified as Category 1 or 2 under international Missile Technology Control Regime standards to NATO members and Five Eyes intelligence partners, which include Australia, Canada, New Zealand, and the United Kingdom. Rather than applying a strong presumption of denial to these exports, the bill eliminates that restrictive stance and streamlines the approval process for these trusted allies. The legislation makes technical amendments to the Arms Export Control Act to implement these policy changes. No specific funding or implementation timeline is included in the bill's text.