Naval Vessel Transfer Act of 2008

[AI summary unavailable — showing source text] Naval Vessel Transfer Act of 2008 - Authorizes the President to transfer certain excess naval vessels on a grant basis to Pakistan, Chile, and Peru. Terminates such authority two years after the enactment of this Act. Directs the President to: (1) carry out an ongoing assessment of the extent to which Israel possesses a qualitative military edge over military threats; and (2) use such assessment in reviewing applications to sell defense articles and services to a Middle Eastern country other than Israel. Amends the Arms Export Control Act to require any certification relating to a proposed sale or export of defense articles or services to a Middle Eastern country other than Israel to include a determination that such sale or export will not adversely affect Israel's qualitative military edge over military threats. Makes specified foreign military financing program funds for FY2009 available on a grant basis for Israel. Authorizes funding in FY2009 for the procurement of advanced weapons systems by Israel. Amends the Arms Export Control Act to provide special foreign military sales status for the Republic of Korea.…