TRANSFER OF CERTAIN OBSOLETE OR SURPLUS DEFENSE ARTICLES IN THE WAR RESERVES STOCKPILE FOR ALLIES.

SEC. 1232. TRANSFER OF CERTAIN OBSOLETE OR SURPLUS DEFENSE ARTICLES IN THE WAR RESERVES STOCKPILE FOR ALLIES. (a) Items in the Korean Stockpile.— (1) In general.—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) Covered items.—The items referred to in paragraph (1) are munitions, equipment, and material such as tanks, trucks, artillery, mortars, general purpose bombs, repair parts, ammunition, barrier material, and ancillary equipment, if such items are— (A) obsolete or surplus items; (B) in the inventory of the Department of Defense; (C) intended for use as reserve stocks for the Republic of Korea; and (D) as of the date of the enactment of this Act, located in a stockpile in the Republic of Korea. (b) Items in the Thailand Stockpile.— (1) In general.—Notwithstanding section 514 of the Foreign Assistance Act of 1961 (22 U.S.C. 2321h), the President is authorized to transfer to Thailand, 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) Covered items.—The items referred to in paragraph (1) are munitions, equipment, and material such as tanks, trucks, artillery, mortars, general purpose bombs, repair parts, ammunition, barrier material, and ancillary equipment, if such items are— (A) obsolete or surplus items; (B) in the inventory of the Department of Defense; (C) intended for use as reserve stocks for Thailand; and (D) as of the date of the enactment of this Act, located in a stockpile in Thailand. (c) Valuation of Concessions.—The value of concessions negotiated pursuant to subsections (a) and (b) 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. (d) Prior Notifications of Proposed Transfers.—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 and the Committee on International Relations of the House of Representatives a detailed notification of the proposed transfer, which shall include an identification of the items to be transferred and the concessions to be received. (e) Termination of Authority.—No transfer may be made under the authority of this section more than 3 years after the date of the enactment of this Act.