Foreign Science and Technology Assessment Act of 2005 - Establishes within the Department of State an Office of Foreign Science and Technology Assessment to assess foreign science and technologies that have the capability to cause a loss of high technology industrial leadership in the United States. Places at the head of the Office of Foreign Science and Technology Assessment a Director, who shall be the Science Advisor to the Secretary of State.
Directs the Secretary of State to establish a Foreign Science and Technology Assessment Panel to provide advice on assessments performed by the Office of Foreign Science and Technology Assessment, including review of foreign science and technology assessment reports, methodologies, subjects of study, and the means of improving the quality and timeliness of such Office.