Industrial Reinvestment and Defense Diversification Act of 1992

[AI summary unavailable — showing source text] Industrial Reinvestment and Defense Diversification Act of 1992 - Prohibits funds appropriated or made available by the Congress from being obligated or expended to maintain U.S. bases in North Atlantic Treaty Organization member countries if the countries do not enter into an agreement or agreements with the President to provide for the payment, in the aggregate (in the form of money or real or personal property), of at least one-half of the cost of maintaining and compensating U.S. armed forces stationed in such countries. Requires the President to report to the Congress describing any agreement reached pursuant to this Act. Ceases the prohibition on such obligation and expenditures of funds if an agreement is entered into after the prohibition takes effect and if the President submits a report to the Congress which describes the agreement. Establishes the Industrial Reinvestment and Defense Diversification Fund. Requires the Secretary of the Treasury to transfer quarterly to such Fund all NATO country payments to be credited to the Defense Cooperation Account under this Act. Transfers appropriated funds for operations and maintenance of U.S. military bases in Europe which are su…