Reporters' Shield bill

Free Flow of Information Act of 2005 - Prohibits a federal entity from compelling a "covered person" (i.e., a newspaper, television broadcast station, wire service, or other media outlet, and specified employees and contractors) to testify or produce any document unless a court determines that: (1) the party seeking to compel has unsuccessfully attempted to obtain such testimony or document from all other non-covered persons; (2) in a criminal matter, there are reasonable grounds to believe a crime has occurred and the testimony or document sought is essential to the investigation, prosecution, or defense of the crime; (3) in a non-criminal matter, the testimony or document is essential to a dispositive issue of substantial importance; and (4) in any matter in which testimony or a document could reveal the source's identity, disclosure is necessary to prevent imminent and actual harm to national security and such harm outweighs the public interest in protecting the free flow of information.

Requires the content of compelled testimony or documents to be limited and narrowly tailored. Exempts certain commercial or financial information.

Makes this Act applicable to testimony or documents that a third party or federal entity seeks from a communications service provider relating to business transactions with a covered person. Sets forth notice requirements. Permits a court to delay notice to a covered person upon determining that such notice would pose a substantial threat to the integrity of a criminal investigation.