A bill to provide for the establishment and enforcement of security and accountability procedures necessary to protect weapons and munitions of the Department of Defense against theft and loss, and for other purposes.

Establishes the Weapons and Munitions Security Office within the Department of Defense to be responsible for formulating, coordinating, and supervising a continuing program of security and accountability for weapons and munitions of the Department.

Directs the Assistant Secretary of Defense who is designated to head such Office to: (1) review existing weapons and munitions security and accountability procedures; (2) modify such procedures or promulgate new procedures to protect weapons and munitions from loss or theft and to provide for accurate and timely accountability for such weapons and munitions; and (3) conduct periodic inspections to determine compliance with such procedures.

Requires any military department which suffers a loss of weapons or munitions to conduct a thorough investigation of such loss.

Requires each military department to submit weapons and munitions security and accountability reports to the Assistant Secretary in charge of such Office.

Requires the Secretary of Defense to submit annual reports to Congress summarizing the weapons and munitions losses suffered and recoveries made by each military department during the preceding year.