Safe Foreign Investments Act of 2006 - Amends the Defense Production Act of 1950 to direct the President or his designee, no later than seven days before the completion of an investigation of a proposed or pending merger, acquisition, or takeover (transaction) that could affect persons engaged in commerce in the United States or the national security, and before any such determination becomes effective, to submit to the congressional homeland security committees a draft report of its findings.
Requires mandatory investigations of a transaction involving an entity controlled by or acting on behalf of a foreign person other than a foreign government only in the case in which the transaction involves critical infrastructure and could affect U.S. national security.
States that the President's designee, for purposes of such investigations, shall be the Committee on Foreign Investment in the United States (CFIUS).