This legislation establishes new requirements for any changes to the 1966 agreement between the United States and the United Kingdom regarding the British Indian Ocean Territory. Specifically, it mandates that any modification to this "covered agreement," which concerns the availability of the territory for defense purposes, must receive the advice and consent of the Senate . Furthermore, the bill prohibits the obligation or expenditure of any federal funds to modify the agreement unless the Senate has provided its explicit approval. Before initiating any negotiations for such modifications, the President is required to submit a detailed report to the appropriate congressional committees, outlining the national security rationale, implications for U.S. operational control of Diego Garcia, and potential risks from third-party claims or foreign military presence. This report must be provided in both classified and unclassified forms to ensure comprehensive oversight.