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.