Periodic review of FMS-only list

(a) Review and report (1) Review Not later than 1 year after the date of the enactment of this Act, and biennially thereafter, the Secretary of State, in coordination with the Secretary of Defense, shall complete a review of defense articles and defense services that are eligible to be provided under the foreign military sales program under chapter 2 of the Arms Export Control Act (22 U.S.C. 2761 et seq.), but not eligible to be provided under direct commercial sales under section 38 of such Act (22 U.S.C. 2778), in order to identify those articles and services that should also be eligible to be provided through such direct commercial sales. (2) Report (A) In general Not later than 30 days after the completion of each review required by subsection (a), the Secretary of State, in coordination with the Secretary of Defense, shall submit to the appropriate congressional committees a report that contains the results of the review, including any defense articles and services added to or removed from the FMS-Only list during the preceding reporting period, as well as the justification for such decisions. (B) Form The report required by this paragraph shall be submitted in unclassified form, but may contain a classified annex. (C) Definitions In this paragraph— (i) the term appropriate congressional committees means— (I) the Committee on Foreign Relations and the Committee on Armed Services of the Senate; and (II) the Committee on Foreign Affairs and the Committee on Armed Services of the House of Representatives; and (ii) the term FMS-only list means the list maintained by the Secretary of State of defense articles and defense serv ices that are eligible to be provided under the foreign military sales program under chapter 2 of the Arms Export Control Act, but not eligible to be provided under direct commercial sales under section 38 of such Act. (b) Termination This section shall terminate on the date that is 5 years after the date of enactment of this Act.