Federal Research Investment Act

Federal Research Investment Act - Calls for: (1) Federal research and development programs to be conducted in accordance with specified guiding principles with respect to good science, fiscal accountability, program effectiveness, and criteria for government funding; and (2) doubling Federal basic research funding over 11 years.

Authorizes aggregate funding levels for civilian research and development (R&D) in specified agencies for FY 2000 through 2010. Sets forth requirements for adjusting amounts received by agencies for which appropriations increase by more than eight percent in a covered fiscal year.

Directs the President to include with the annual budget request a report providing: (1) a summary of the total level of Federal funding for R&D by civilian agencies; (2) a strategy reflecting funding projections of this Act; (3) an analysis of funding levels across Federal agencies by funding methodology; and (4) specific proposals for infrastructure development and R&D capacity building in States with less concentrated R&D resources.

Requires the Director of the Office of Science Technology Policy to enter into an agreement with the National Academy of Sciences to conduct a comprehensive study to develop methods for evaluating federally-funded R&D programs. Requires the Director of the Office of Management and Budget (OMB), based on study results, to promulgate one or more alternative forms for Federal R&D performance goals. Permits an agency head to apply such an alternative form without further authorization by OMB. Requires agency heads carrying out R&D activities, upon updating a strategic plan, to describe the current and future use of methods for determining an acceptable level of R&D success as recommended by the study. Authorizes appropriations for the study.

Requires the OMB Director, based upon program performance reports, to identify the civilian R&D program activities or components which do not meet an acceptable level of success as defined under current law. Directs the head of an agency, for each program activity or component identified as being below the acceptable level of success for two consecutive fiscal years, to submit to the appropriate congressional committees: (1) a concise statement of the steps necessary to bring such program into compliance with performance goals or to terminate such program should compliance efforts fail; and (2) any legislative changes needed to effectuate the steps contained in such statement.