A bill to amend the National Security Act of 1947 to provide that certain overseas activities of the United States Government may be undertaken only if a report concerning the proposed activity is submitted by the President to the Permanent Select Committee on Intelligence of the House of Representatives and the Select Committee on Intelligence of the Senate.

Amends the National Security Act of 1947 to prohibit "special activity" (as defined by this Act) abroad unless the President determines such activity to be important to national security, and reports to the House and Senate select intelligence committees regarding such activity. Stipulates that such prohibition shall not apply to operations pursuant to a declaration of war, or under authority of the War Powers Resolution.

Repeals a provisions of the Foreign Assistance Act of 1961 requiring the President to report to the appropriate Congressional committees regarding expenditures for Central Intelligence Agency operations.