FAA Sunsets Extension Act of 2012

FAA Sunsets Extension Act of 2012 - Amends the FISA Amendments Act of 2008 to extend until June 1, 2015: (1) the date for repeal of title VII of the Foreign Intelligence Surveillance Act of 1978 (procedures concerning the electronic surveillance of certain persons outside the United States for foreign intelligence information purposes); and (2) any order, authorization, or directive issued or made under that title.

Amends the Foreign Intelligence Surveillance Act of 1978 relating to the surveillance of persons located outside the United States for the acquisition of foreign intelligence information to require compliance reviews of surveillance targeting and minimization procedures to be provided to the Inspector General of the Intelligence Community. Authorizes such Inspector General to review the acquisition, use, and dissemination of surveillance information acquired in order to review compliance with the targeting and minimization procedures as well as compliance guidelines. Requires such Inspector General to: (1) review such procedures and guidelines with respect to the privacy rights of U.S. persons; (2) report review results to the Attorney General, the Director of National Intelligence, and the congressional intelligence and judiciary committees; and (3) consistent with the protection of national security, make review findings and conclusions available to the public.

Directs the head of each intelligence community element with approved targeting and minimization procedures to conduct an annual review to determine whether foreign intelligence information has been or will be obtained from the surveillance. Requires such review to include the number of targets subsequently determined to be U.S. persons located in the United States.