Telecommunications Trade and Foreign Investment Act of 1997

Telecommunications Trade and Foreign Investment Act of 1997 - Amends the Communications Act of 1934 to prohibit any broadcast radio station license from being granted to or held by: (1) an alien or a foreign corporation; (2) any corporation of which more than one-fifth of the capital stock is owned or voted by a foreign government; (3) any corporation organized under the laws of a foreign country; or (4) any corporation directly or indirectly controlled by another corporation of which more than one-fourth of the capital stock is owned or voted by aliens, a foreign corporation, or any corporation organized under the laws of a foreign country. Provides a similar prohibition with respect to the granting of licenses for a common carrier or aeronautical en route or fixed radio station, unless the Federal Communications Commission (FCC) finds that the public interest will be served by the granting of such license. Requires the FCC, in making such public interest determination, to consider whether competitive opportunities are available to U.S. nationals or corporations in the applicant's market.