To authorize the use of Cooperative Threat Reduction funds for projects and activities to address proliferation threats outside the states of the former Soviet Union, and for other purposes.

Authorizes the Secretary of Defense to obligate and expend specified available Cooperative Threat Reduction funds for proliferation threat reduction projects or activities outside of the states of the former Soviet Union if such projects will: (1) assist the United States in resolution of critical emerging proliferation threats; or (2) permit the United States to take advantage of opportunities to achieve long-standing nonproliferation goals.

Prohibits funds from being obligated or expended for a project or activity under this Act until 30 days after the Secretary submits to Congress a report on the purpose and amount of such funds, unless the Secretary determines that a critical emerging proliferation threat warrants immediate obligation or expenditure of such funds. Requires the Secretary to submit a justification within 72 hours after any such immediate expenditure.

Requires the Secretary to report to Congress on the advisability of establishing new cooperative threat reduction programs to account for projects or activities funded under this Act if the Secretary uses such funds for two consecutive years.