SECTION 1. CONGRESSIONAL OVERSIGHT OF INTELLIGENCE ACTIVITIES.

    (a) General Congressional Oversight.--Section 501(a) of the 
National Security Act of 1947 (50 U.S.C. 413(a)) is amended by adding 
at the end the following new paragraph:
    ``(3) In carrying out paragraph (1), the President shall provide to 
the congressional intelligence committees all information necessary to 
assess the lawfulness, effectiveness, cost, benefit, intelligence gain, 
budgetary authority, and risk of an intelligence activity.''.
    (b) Reporting on Activities Other Than Covert Actions.--Section 502 
of such Act (50 U.S.C. 413a) is amended by adding at the end the 
following new subsection:
    ``(d) Distribution of Information.--
            ``(1) Request.--Information or material provided in 
        accordance with subsection (a) shall be made available to each 
        member of the congressional intelligence committees, unless the 
        President requests that access to the information or material 
        be limited after determining that limiting such access is 
        essential to meet extraordinary circumstances affecting vital 
        interests of the United States. A request under this paragraph 
        and the extraordinary circumstances referred to in this 
        paragraph shall be detailed in writing to the Chair and ranking 
        minority member of the congressional intelligence committees.
            ``(2) Distribution.--If the President submits a request 
        under paragraph (1), the Chair and ranking minority member of 
        each congressional intelligence committee may jointly determine 
        whether and how to limit access to the information or material 
        within such committee. If the Chair and ranking minority member 
        of such committee are unable to agree on whether or how to 
        limit such access, access to the information or material shall 
        be limited as requested by the President. Any information or 
        material to which access is limited shall subsequently be made 
        fully available to each member of the congressional 
        intelligence committees at the earliest possible time and shall 
        include a detailed statement of the reasons for not providing 
        prior access.''.
    (c) Covert Actions.--Section 503 of the National Security Act of 
1947 (50 U.S.C. 413b) is amended--
            (1) in subsection (c)--
                    (A) by striking paragraph (2) and inserting the 
                following new paragraph:
            ``(2)(A) A finding reported in accordance with paragraph 
        (1) shall be made available to each member of the congressional 
        intelligence committees, unless the President requests that 
        access to the finding be limited after determining that 
        limiting such access is essential to meet extraordinary 
        circumstances affecting vital interests of the United States. A 
        request under this subparagraph and the extraordinary 
        circumstances referred to in this paragraph shall be detailed 
        in writing to the Chair and ranking minority member of the 
        congressional intelligence committees.
            ``(B) If the President submits a request under subparagraph 
        (A), the Chair and ranking minority member of each 
        congressional intelligence committee may jointly determine 
        whether and how to limit access to the finding within such 
        committee. If the Chair and ranking minority member of such 
        committee are unable to agree on whether or how to limit such 
        access, access to the finding shall be limited as requested by 
        the President. A finding to which access is limited shall 
        subsequently be made fully available to each member of the 
        congressional intelligence committees at the earliest possible 
        time and shall include a detailed statement of the reasons for 
        not providing prior access.''; and
                    (B) in paragraph (4), by striking the second 
                sentence; and
            (2) in subsection (d)--
                    (A) by striking ``(d) The President'' and inserting 
                ``(d)(1) The President'';
                    (B) in paragraph (1), as designated by subparagraph 
                (A) of this paragraph, by striking ``the Members of 
                Congress specified in subsection (c)(2)'' and inserting 
                ``the Members of Congress to which access to a finding 
                is limited in accordance with subsection (c)(2)''; and
                    (C) by adding at the end the following new 
                paragraph:
    ``(2) For purposes of this subsection, an activity shall constitute 
a `significant undertaking' if the activity--
            ``(A) involves the potential for loss of life;
            ``(B) requires an expansion of existing authorities, 
        including authorities relating to research, development, or 
        operations;
            ``(C) results in the expenditure of significant funds or 
        other resources;
            ``(D) requires notification under section 504;
            ``(E) gives rise to a significant risk of disclosing 
        intelligence sources or methods; or
            ``(F) could cause serious damage to the diplomatic 
        relations of the United States if such activity were disclosed 
        without authorization.''.
Output: Amends the National Security Act of 1947 to direct the President to provide to the congressional intelligence committees all information necessary to assess the lawfulness, effectiveness, cost, benefit, intelligence gain, budgetary authority, and risk of an intelligence activity.

Requires information or material concerning covert actions and actions other than covert actions to be made available to each member of such committees, unless the President requests in writing that access be limited to meet extraordinary circumstances affecting vital U.S. interests. Allows the chair and ranking member of each committee to jointly determine whether and how to limit such access. Requires information or material so limited to be made fully available to each committee member at the earliest possible time, and to include the reasons for not providing prior access.