TRANSFER OF CERTAIN OBSOLETE OR SURPLUS DEFENSE ARTICLES IN THE WAR RESERVE ALLIES STOCKPILE TO THE REPUBLIC OF KOREA.

SEC. 509. TRANSFER OF CERTAIN OBSOLETE OR SURPLUS DEFENSE ARTICLES IN THE WAR RESERVE ALLIES STOCKPILE TO THE REPUBLIC OF KOREA. (a) Authority.— (1) Notwithstanding section 514 of the Foreign Assistance Act of 1961 (22 U.S.C. 2321h), the President is authorized to transfer to the Republic of Korea, in return for concessions to be negotiated by the Secretary of Defense, with the concurrence of the Secretary of State, any or all of the items described in paragraph (2). (2) The items referred to in paragraph (1) are equipment, tanks, weapons, repair parts, and ammunition that— (A) are obsolete or surplus items; (B) are in the inventory of the Department of Defense; (C) are intended for use as reserve stocks for the Republic of Korea; and (D) as of the date of enactment of this Act, are located in a stockpile in the Republic of Korea. (b) Concessions.— The value of the concessions negotiated pursuant to subsection (a) shall be at least equal to the fair market value of the items transferred. The concessions may include cash compensation, services, waiver of charges otherwise payable by the United States, and other items of value. (c) Advance Notification of Transfer.— Not less than 30 days before making a transfer under the authority of this section, the President shall transmit to the Committee on Foreign Relations of the Senate, the Committee on Foreign Affairs of the House of Representatives, and the congressional defense committees a notification of the proposed transfer. The notification shall identify the items to be transferred and the concessions to be received. (d) Expiration of Authority.— No transfer may be made under the authority of this section more than two years after the date of the enactment of this Act.