A resolution to create a Select Committee of the Senate on Foreign Intelligence.

Establishes the Select Committee on Foreign Intelligence, which shall be charged with: (1) conducting oversight and review of all foreign intelligence activities carried out by (a) the Central Intelligence Agency, (b) the Defense Intelligence Agency, (c) the National Security Agency, (d) the U.S. Army, the U.S. Navy, the U.S. Marine Corps, and the U.S. Air Force, (e) the Department of State, (f) the Atomic Energy Commission, (g) the Federal Bureau of Investigation, and (h) any other U.S. Government department or agency which the Chairman of the select Committee determines is carrying out foreign intelligence activities; (2) studying the implications of such activities for United States foreign policy, foreign economic policy, and defense policy; (3) reviewing the provisions of the National Security Act of 1947 with a view toward recommending further restrictions on the duties, functions, and powers of the Central Intelligence Agency; and (4) reporting to the full Senate at the end of one year following the passage of this Resolution concerning its general findings. Provides that the Select Committee on Foreign Intelligence shall have a term of one year and shall consist of seven members of the Senate, four from the majority party and three from the minority party.

Grants the Select Committee, for a period of one year following the passage of this Resolution, the authorization: (1) to adopt rules concerning its procedure, (2) to hold hearings, (3) to procure printing and binding, (4) to make expenditures, (5) to employ personnel, and (6) to receive and deposit such written information as it may request from the various Departments and Agencies listed in this Resolution and to take all appropriate steps to safeguard, where necessary, the confidentiality of such information.