Localism in Broadcasting Reform Act of 2005 - Amends the Communications Act of 1934 to reduce from eight to three years the term for radio or television broadcasting licenses issued by the Federal Communications Commission (FCC). Requires full FCC review of at least five percent of the applications filed each year.
Requires every broadcaster to file electronically with the FCC a copy of its public interest issues and programs list and its children's programming reports within ten days after the end of each quarter. Allows a waiver of such requirement for good cause shown. Requires such list and reports to be made available on publicly accessible websites of such stations.
Requires the standards for a station's license renewal to include review of the licensee's other stations (if any).
Requires the FCC, within nine months after the enactment of this Act, to complete action on two specified proceedings concerning disclosure requirements and public interest obligations of television broadcast licensees.