Independent Special Prosecution Act

Independent Special Prosecution Act - Establishes an Independent Special Prosecution Force, to have the responsibility for investigating and initiating prosecution of all offenses arising out of the Presidential election of 1972 and matters related thereto and arising therefrom, including all matters which were under investigation by the former Special Prosecutor prior to October 19, 1973, pursuant to the agreement made between the former Special Prosecutor and the Attorney-General designate on May 19, 1973.

Directs the President of the United States to appoint, within fifteen days of the enactment of this legislation, by and with the advice and consent of the Senate, two individuals to be coequal Special Prosecutors. Requires that neither of such individuals be from the same political party and that the individual appointed who is from a political party other than that of the President shall be appointed from a list submitted to the President, jointly, by the Speaker of the House of Representatives and the President pro tempore of the Senate, upon the recommendations of the majority leader of the House of Representatives and the majority leader of the Senate.

Authorizes the Special Prosecutors to have exclusive jurisdiction to investigate, and prosecute against and in the name of the United States: (a) offenses arising out of the unauthorized entry into Democratic National Committee headquarters at the Watergate; (b) other offenses arising out of the 1972 Presidential election; (c) offenses alleged to have been committed by the President, Presidential appointees, or members of the White House staff in relation to the 1972 Presidential campaign and election; (d) all other matters heretofore referred to the former Special Prosecutor pursuant to regulations of the Attorney General; and (e) offenses relating to or arising out of any such matters.

Enumerates the powers and authorities of the Special Prosecutors, including: (1) to determine whether or not to contest the assertion of "executive privilege" or any other testimonial privilege; and (2) to receive appropriate national security clearance and review all evidence sought to be withheld on grounds of national security.

Provides that all materials, tapes, documents, files, work in process, information, and all other property relevant to the duties of this Act shall be delivered into the possession of the Special Prosecutors appointed under this Act.

Directs that all investigations, prosecutions, cases, litigation, and grand jury or other proceedings initiated by the former Special Prosecutor pursuant to regulations of the Attorney General shall be continued, as the Special Prosecutors deem appropriate, by them, and they shall become successor counsels for the United States in all such proceedings, notwithstanding any substitution of counsel made after October 20, 1973.

Requires the Special Prosecutors to submit to the Congress directly requests for such funds, facilities, and legislation as they shall consider necessary to carry out their responsibilities under this Act. Requires that such requests shall receive priority consideration by the Congress.

Provides that the Special Prosecutors shall carry out their duties under this Act within two years, except as necessary to complete trial or appellate action on indictments then pending. Empowers the President to remove the Special Prosecutors for neglect of duty, malfeasance in office, or violation of this Act, but for no other cause. States that when the President believes such violations have occurred, he shall prepare a notice of dismissal to be delivered to both Houses of Congress, stating the reasons for such dismissal. Provides that the dismissal shall become effective at the end of the first period of thirty calendar days of continuous session of Congress after the date on which the notice is delivered to it.