1. Short title This Act may be cited as the Procure PGMS For Israel Act . 2. Findings Congress finds the following: (1) Hezbollah constitutes a major threat. (2) Israel uses precision guided munitions to save civilian lives. (3) Congress authorized the War Reserves Stockpile-Israel primarily for use by United States Armed Forces to address regional contingencies. (4) Israeli supplies of precision guided munitions dwindled during the 2006 Lebanon War. (5) Given the enhanced threat of Hezbollah to Israel, there is a need to ensure the War Reserves Stock Allies-Israel is sufficiently large to meet the threat while ensuring adequate supplies for the United States. 3. Joint assessment of quantity of precision guided munitions for use by Israel (a) In general The President, acting through the Secretary of Defense, is authorized to conduct a joint assessment with the Government of Israel with respect to the matters described in subsection (b). (b) Matters described The matters described in this subsection are the following: (1) The quantity and type of precision guided munitions that are necessary for Israel to combat Hezbollah in the event of a sustained armed confrontation between Israel and Hezbollah. (2) The plan of the Government of Israel to acquire such precision guided munitions. (3) The role of the United States to assist the Government of Israel in carrying out the plan described in paragraph (2), if any. (c) Report Not later than 15 days after the date on which the joint assessment authorized under subsection (a) is completed, the Secretary shall submit to Congress a report that contains the joint assessment. 4. Amendment to Department of Defense Appropriations Act, 2005 Section 12001 of the Department of Defense Appropriations Act, 2005 ( Public Law 108–287 ; 118 Stat. 1011) is amended— (1) in subsection (a)(2), by inserting (other than precision guided munitions) after and other munitions ; (2) in subsection (c), by striking this section and inserting subsection (a)