U.S. National Security Protection Act of 2006 - Revises the structure of the Committee on Foreign Investment in the United States (CFIUS) to: (1) add the Director of National Intelligence and the Director of Central Intelligence as members; (2) designate the Secretaries of Homeland Security and of Defense as vice chairs; and (3) require the President to establish a Subcommittee on Intelligence.
Amends the Defense Production Act of 1950 to charge the Subcommittee with the tasks of providing review and comment both before and after investigations authorized or required under the Act to determine the national security effects of mergers, acquisitions, and takeovers ("takeovers," for purposes of this Act) involving foreign persons or foreign government-controlled entities that could result in foreign control of persons engaged in interstate commerce.
Includes ownership, control, or operation of critical infrastructure as interstate commerce activity that could affect national security.
Requires certification by the President or by the chair of CFIUS (when CFIUS is acting as the President's designee) of a final determination not to proceed with an investigation by the President of a takeover action.
Requires persons controlled by or acting on behalf of a foreign government or person to notify the President (or the President's designee) in writing of any proposed takeover of critical infrastructure, providing information necessary to assess national security effects. Requires notice to Congress within 15 days of such notification and at the commencement of an investigation.
Requires the President to report quarterly to Congress on all takeovers that were subject to investigation or review during the quarter.
Makes CFIUS the President's designee for purposes of the takeover investigation provisions.