Prohibition on Financial Transactions With Countries Supporting Terrorism Act of 1997

Prohibition on Financial Transactions With Countries Supporting Terrorism Act of 1997 - Amends the Federal criminal code to repeal provisions providing for exceptions, pursuant to regulations issued by the Secretary of the Treasury, to the prohibition on engaging in a financial transaction with the government of a country designated as a country supporting international terrorism.

Makes such prohibition inapplicable to financial transactions: (1) engaged in by Federal officers or employees acting within official capacity; (2) for the sole purpose of providing humanitarian assistance in such countries; (3) involving travel or other activities by journalists or other members of the news media in such countries; or (4) within a certain class and with a specified country that are covered by a presidential determination that such transactions are vital to national security interests.

Directs the President to report a determination to specified congressional committees at least 30 days before it is to take effect. Makes such determinations effective for 12 months and permits extensions.