Intelligence Activities Oversight Improvement Act

Intelligence Activities Oversight Improvement Act - Amends the Foreign Assistance Act of 1961 to repeal the prohibition against funding Central Intelligence Agency operations in foreign countries without a presidential finding that such operation is important to U.S. national security.

Amends the National Security Act of 1947 to require the Director of Central Intelligence and the heads of all intelligence agencies to keep the appropriate congressional committees fully and currently informed of all intelligence activities, including any significant anticipated intelligence activity. Deletes the provision which limits the need to inform the committees of activities before they occur.

Prohibits initiating any special intelligence activity unless and until the activity has been approved by the President and the President has made a specified written finding.

Prohibits any Federal agency from conducting any special activity which is not within a category of activities authorized by the President if: (1) the President does not submit, before the activity is begun, a report containing the written finding, a description of the nature and scope of the activity, and a justification to the committees; or (2) both committees disapprove such activity within 15 days of receiving the prior notice.

Permits the President, under extraordinary circumstances, to limit the prior notice to the chairmen and ranking minority members of the committees so long as the remaining members of the committees are notified within 48 hours of the limited notice.

Requires the President to provide the committees with additional information upon request.

Permits the President to authorize special activities by category if they do not involve elements of high risk, major resources, or serious political consequences and if the President: (1) personally finds that activities falling within the category are important to U.S. national security; and (2) reports to the committees, before any activity within the category is commenced, a description of the category and a justification for conducting activities within the category. Prohibits any spending for such activities until the President has made the required finding and report. Requires the National Security Council, after the President has made such finding and report, to be responsible for supervising such activity.

Directs the President to provide to either intelligence committee, upon request, additional information pertaining to specific special activities undertaken within a category of activities. Defines "special activity."

Declares that these provisions shall not apply to activities initiated pursuant to a declaration of war approved by Congress.