A bill to amend the National Security Act of 1947 to establish procedures and standards for the classification and declassification of sensitive official information and material, to provide criminal penalties for unauthorized disclosure of such information or material.

Amends the National Security Act of 1947 by adding: Title V: Classification, Declassification, and Safeguarding of National Security Information and Material. Sets forth the three categories of "Top Secret," "Secret," and "Confidential" as the classifications by which national security information may be designated. States that no other categories may be used. Promulgates standards defining each category.

Grants authority to originate the classification of material only to such officials as the President may designate. Lists those classes of officials who shall have authority to downgrade the classification of such information.

Prohibits the classification of information in order to conceal incompetence, inefficiency, wrongdoing, or administrative error, to avoid embarrassment to any individual or agency, to restrain competition or independent initiative, or to prevent for any reason the release of information the dissemination of which will not damage the national security.

Sets forth regulations governing the identification of an item of classified material.

Sets forth procedures to be followed by a holder of classified material who does not believe that such material has been properly classified.

Sets forth a general declassification schedule. Provides for exemptions from the automatic declassification required under such schedule.

Establishes a separate set of regulations governing the declassification of material which is 25 years old or more.

Sets forth regulations by which the provisions of this Act shall be implemented.

Establishes, in the Executive Office of the President, the Interagency Classification Review Committee. Requires the Committee to monitor actions taken by agencies handling classified information and material in order to ensure compliance with this Act. States that the Committee is to place particular emphasis on preventive overclassification and facilitating access to declassified information. Requires the Committee to report annually to Congress on the administration of this Act.

Sets forth criminal penalties for the knowing disclosure of classified information or material to a foreign government or any officer or agent thereof not authorized to receive such information or material.

Establishes a penalty consisting of a fine of up to $1,000 or imprisonment of not more than one year, or both, for the classification of material to conceal incompetence, inefficiency, wrongdoing, or administrative error, to avoid embarrassment, to restrain competition or independent initiative or to prevent or delay the release of information which should not have been classified.