International Traffic in Arms Regulations Licensing Reform Act

International Traffic in Arms Regulations Licensing Reform Act This bill requires the Department of State to establish deadlines for the review of applications to export defense articles or services.  Specifically, the State Department must develop and maintain a list of countries and end users with respect to which expedited decision-making on applications to export defense articles and services is vital to U.S. national security. The State Department must submit this list to Congress annually. Following publication of the list, the State Department, in coordination with the Department of Defense, must initiate a rulemaking process to establish timelines for decision-making with respect to (1) applications to export defense articles and services to countries or end users identified in the list, and (2) all other applications to export defense articles and services.  To the maximum extent practicable, applications for export to listed countries or end users must be acted on within 45 days of submission, and applications for export to other countries or end users must be acted on within 60 days of submission. These deadlines may be suspended under specified circumstances.  Finally, the State Department must submit a semiannual report to Congress identifying each application to export defense articles or services during the preceding 180 days that was not acted upon by the applicable deadline.