This bill amends the Arms Export Control Act to allow U.S. foreign military financing funds to be used for purchasing defense equipment and services directly from private defense contractors, not just from the U.S. Government. Previously, foreign military financing could only be used for weapons and military items sold directly by the U.S. Government. The bill affects any foreign country or international organization that is currently eligible to receive U.S. military financing. The Secretary of State, in consultation with the Secretary of Defense, must approve any country's use of this new financing option and set appropriate terms and conditions to protect U.S. foreign policy and national security interests. The State Department has 180 days from the bill's enactment to create implementing regulations covering approval procedures, financial oversight, export controls, and efforts to involve smaller defense companies in these transactions.
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