U.S. Market Security Act of 1997

U.S. Market Security Act of 1997 - Establishes the Office of National Security within the Securities and Exchange Commission (SEC) to review and monitor securities offerings by foreign governments and by any entity the Office believes to be controlled by a foreign governmental unit.

Requires: (1) the Office to report quarterly to certain congressional committees on the amount of securities offerings by foreign entities; (2) the Director of the Office to notify the SEC Chairman of any violation by such foreign entities; and (3) each Federal banking agency to report annually to certain congressional committees on the number of foreign banks operating in the United States that are believed to be controlled by a foreign governmental unit.

Instructs the Pension Benefit Guaranty Corporation to report annually to the appropriate congressional committees regarding the extent of U.S. pension fund assets that represent interests in any foreign person or governmental entity.

Directs the Secretaries of State and of the Treasury to: (1) negotiate agreements with U.S. allies to institute in them reporting requirements similar to those imposed by this Act; and (2) report to the Congress on such negotiations.