National Defense Stockpile Modernization Act of 1992

National Defense Stockpile Modernization Act of 1992 - Directs the President to dispose of specified excess or obsolete materials in the National Defense Stockpile (NDS), in specified amounts. Limits the disposal of silver to coin only. Repeals all previous disposal authority of the President or the NDS Stockpile Manager.

Directs the President to acquire additional quantities of strategic and critical materials for the NDS determined to be in deficient supply.

Requires the disposals and acquisitions mandated under this Act to be completed by the end of FY 2002 and accomplished in compliance with requirements of the Strategic and Critical Materials Stock Piling Act. Authorizes the President to use barter arrangements to achieve such disposals and acquisitions. Outlines provisions for: (1) annual quantity rates for acquisitions and disposals; (2) deposits of proceeds from sales of disposed materials into the National Defense Stockpile Transaction Fund; and (3) use of such proceeds for materials acquisitions.

Directs the President to report to the Congress on the manner in which the President will implement and carry out the disposals and acquisitions required under this Act.

Amends the Strategic and Critical Materials Stock Piling Act to repeal a requirement prohibiting a stockpile disposal that would result in an unobligated balance in the Fund in excess of $100,000,000.