Bolton said Monday at UN headquarters in New York that Rangoon's policies, including human rights violations and political repression, are contributing to regional instability.
Bolton said his proposed draft would not include sanctions, but would lay out expectations for Burma's performance.
The U.S. ambassador made his announcement after a closed-door briefing of delegates by UN Undersecretary-General for Political Affairs, Ibrahim Gambari.
Gambari recently returned from a four-day trip to Burma where he was allowed to meet with detained Nobel laureate Aung San Suu Kyi.
Gambari told reporters Monday that he stressed to Burmese officials the need for them to release all political prisoners, allow all-inclusive political participation and cease hostilities against ethnic minorities, particularly in the Karen state.
Information for this report is provided by AP, AFP and Reuters