US HB7146

Adds Taiwan to the list of countries receiving expedited arms export certification and reporting under the Arms Export Control Act, placing it alongside NATO allies, Japan, Australia, South Korea, New Zealand, and Israel

Requires the Secretary of State to assess within 90 days the feasibility of creating an expedited licensing process for U.S. allies to transfer military equipment to Taiwan, with a goal of 15-day decisions for government-to-government agreements and 30 days for other requests

Mandates biennial reports to Congress on the implementation and effectiveness of the streamlined arms transfer provisions for Taiwan

Includes a rule of construction preserving existing U.S. policy toward Taiwan under the Taiwan Relations Act

Contains a 7-year sunset provision, after which the Act's provisions expire