Promoting Readiness for Overseas Contingencies and Unexpected Responses Emergencies Act or the PROCURE Act
This bill establishes a Critical Munitions Acquisition Fund to finance the acquisition or ensure the availability of certain munitions during the war in Ukraine and future conflicts. The fund may accept contributions from foreign entities, foreign governments, or international organizations.
The authority for the fund expires at the end of 2024.
To establish the Critical Munitions Acquisition Fund.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Promoting Readiness for Overseas 
Contingencies and Unexpected Responses Emergencies Act'' or the 
``PROCURE Act''.

SEC. 2. CRITICAL MUNITIONS ACQUISITION FUND.

    (a) Establishment.--There shall be established in the Treasury of 
the United States a revolving fund to be known as the ``Critical 
Munitions Acquisition Fund'' (in this section referred to as the 
``Fund'').
    (b) Purpose.--Amounts in the Fund shall be made available by the 
Secretary of Defense--
            (1) to ensure that adequate stocks of munitions that the 
        Secretary deems critical due to a reduction in stocks or 
        identification as having a high use rate are available for 
        allies and partners of the United States during the war in 
        Ukraine and future conflicts; and
            (2) to finance the acquisition of critical munitions in 
        advance of the transfer of such munitions to foreign countries 
        during the war in Ukraine and future conflicts.
    (c) Additional Authority.--The Secretary may also use amounts made 
available to the Fund to keep on continuous order munitions that the 
Secretary deems as critical due to a reduction in current stocks or 
identification as having a high-use rate during the war in Ukraine or a 
potential high-use rate during a future conflict.
    (d) Deposits.--
            (1) In general.--The Fund shall consist of each of the 
        following:
                    (A) Collections from sales made under letters of 
                offer (or transfers made under the Foreign Assistance 
                Act of 1961 (22 U.S.C. 2151 et seq.)) of munitions 
                acquired using amounts made available from the Fund 
                pursuant to this section, representing the value of 
                such items calculated, as applicable, in accordance 
                with--
                            (i) subparagraph (B) or (C) of section 
                        21(a)(1) of the Arms Export Control Act (22 
                        U.S.C. 2761(a)(1));
                            (ii) section 22 of the Arms Export Control 
                        Act (22 U.S.C. 2762); or
                            (iii) section 644(m) of the Foreign 
                        Assistance Act of 1961 (22 U.S.C. 2403(m)).
                    (B) Such amounts as may be appropriated pursuant to 
                the authorization under this section or otherwise made 
                available for the purposes of the Fund.
                    (C) Not more than $500,000,000 may be transferred 
                to the Fund for any fiscal year, in accordance with 
                subsection (e), from amounts authorized to be 
                appropriated for the Department in such amounts as the 
                Secretary determines necessary to carry out the 
                purposes of this section, which shall remain available 
                until expended. The transfer authority provided under 
                this subparagraph is in addition to any other transfer 
                authority available to the Secretary.
            (2) Contributions from foreign governments.--
                    (A) In general.--Subject to subparagraph (B), the 
                Secretary of Defense may accept contributions of 
                amounts to the Fund from any foreign entity, foreign 
                government, or international organization. Any amounts 
                so accepted shall be credited to the Critical Munitions 
                Acquisition Fund and shall be available for use as 
                authorized under subsection (b).
                    (B) Limitation.--The Secretary may not accept a 
                contribution under this paragraph if the acceptance of 
                the contribution would compromise, or appear to 
                compromise, the integrity of any program of the 
                Department of Defense.
                    (C) Notification.--If the Secretary accepts any 
                contribution under this paragraph, the Secretary shall 
                notify the congressional defense committees, the 
                Committee on Foreign Relations of the Senate, and the 
                Committee on Foreign Affairs of the House of 
                Representatives. The notice shall specify the source 
                and amount of any contribution so accepted and the use 
                of any amount so accepted.
    (e) Notice and Wait Requirements.--
            (1) In general.--No amount may be transferred pursuant to 
        subsection (d)(1)(C) until the date that is 15 days after the 
        date on which the Secretary notifies the congressional defense 
        committees in writing of the amount and purpose of the proposed 
        transfer.
            (2) Ammunition purchases.--No amounts in the Fund may be 
        used to purchase ammunition, as authorized by this Act, until 
        the date that is 15 days after the date on which the Secretary 
        notifies the congressional defense committees in writing of the 
        amount and purpose of the proposed purchase.
            (3) Foreign transfers.--No munition purchased using amounts 
        in the Fund may be transferred to a foreign country until the 
        date that is 15 days after the date on which the Secretary 
        notifies the congressional defense committees in writing of the 
        proposed transfer.
    (f) Limitation.--No munition acquired by the Secretary of Defense 
using amounts made available from the Fund pursuant to this section may 
be transferred to any foreign country unless such transfer is 
authorized by the Arms Export Control Act (22 U.S.C. 2751 et seq.), the 
Foreign Assistance Act of 1961 (22 U.S.C. 2151 et seq.), or other 
applicable law, except as follows:
            (1) The Secretary of Defense may authorize the use by the 
        Department of Defense of munitions acquired under this section 
        prior to transfer to a foreign country, if such use is 
        necessary to meet national defense requirements and the 
        Department bear the costs of replacement and transport, 
        maintenance, storage, and other such associated costs of such 
        munitions.
            (2) Except as required by paragraph (1), amounts made 
        available to the Fund may be used to pay for storage, 
        maintenance, and other costs related to the storage, 
        preservation, and preparation for transfer of munitions 
        acquired under this section prior to their transfer, and the 
        administrative costs of the Department of Defense incurred in 
        the acquisition of such items, to the extent such costs are not 
        eligible for reimbursement pursuant to section 43(b) of the 
        Arms Export Control Act (22 U.S.C. 2792(b)).
    (g) Termination.--The authority for the Fund under this section 
shall expire on December 31, 2024.
    (h) Semiannual Report.--
            (1) In general.--Not later than 180 days after the date of 
        the enactment of this Act, and every 180 days thereafter, the 
        Secretary of Defense shall submit to the congressional defense 
        committees, the Committee on Foreign Relations of the Senate, 
        and the Committee on Foreign Affairs of the House of 
        Representatives a report on the use of the Fund.
            (2) Elements.--The report required under paragraph (1) 
        shall include--
                    (A) an accounting of all inlays and outflows in the 
                Fund;
                    (B) a list of munitions procured by type, make, 
                model, and quantity, together with a justification for 
                the procurement;
                    (C) an assessment of the status of munitions 
                procured to include munitions in production, those 
                placed in stockpile, and those set aside or transferred 
                to a non-Federal government entity;
                    (D) an updated list of munitions designated 
                consistent with subsection (b), along with a 
                justifications for munitions designated and estimated 
                procurement quantity objectives; and
                    (E) any other matters the Secretary determines 
                appropriate.
            (3) Form.--The report required under paragraph (1) shall be 
        submitted to Congress in an unclassified form without any 
        additional disseminations controls, but may include a 
        classified or otherwise restricted annex as necessary.
                                 <all>
PROCURE Act
A bill to establish the Critical Munitions Acquisition Fund.
PROCURE Act
Promoting Readiness for Overseas Contingencies and Unexpected Responses Emergencies Act
Sen. Shaheen, Jeanne