The bill aims to amend the Arms Export Control Act to authorize the use of foreign military financing for direct commercial contracts. This allows eligible foreign countries or international organizations to procure defense articles, services, and design/construction services not sold by the US government. The Secretary of State, in consultation with the Secretary of Defense, must approve and oversee such use, ensuring it aligns with US foreign policy and national security interests. Within 180 days of enactment, regulations must be prescribed regarding review procedures, financial standards, compliance with monitoring/export control requirements, and encouragement of nontraditional defense company participation. This authority is in addition to, not replacing, the existing foreign military sales program.