International Telecommunications Investment Clarification Act

International Telecommunications Investment Clarification Act - Amends the Communications Act of 1934 to prohibit any broadcast radio station license from being granted to or held by any corporation of which more than one-fifth of the capital stock is owned or voted by aliens or by a foreign corporation, or any corporation directly or indirectly controlled by any other corporation of which more than one-fourth of the capital stock is owned or voted by aliens or by a foreign corporation, if the Federal Communications Commission (FCC) finds that the public interest will be served by the refusal or revocation of such license. Provides a similar prohibition with respect to the granting of licenses for a common carrier or aeronautical en route or aeronautical fixed radio station.

Prohibits the FCC from denying a license to land or operate submarine cable solely on the grounds that such license will be issued to a corporation owned by aliens or by a foreign corporation.