Intelligence Oversight Act of 1988

[AI summary unavailable — showing source text] Intelligence Oversight Act of 1987 - Amends the Foreign Assistance Act of 1961 to repeal provisions prohibiting the use of funds by or on behalf of the Central Intelligence Agency (CIA) for covert action ("special activities") in the absence of a presidential finding that such action is important for national security. Amends the National Security Act of 1947 to require the President to ensure that the Senate Select Committee on Intelligence and the House Permanent Select Committee on Intelligence ("intelligence committees") are kept fully and currently informed of special activities. (Current law imposes such duties on the Director of Central Intelligence (DCI) and agency heads but not on the President himself.) Declares that such activities shall ordinarily be conducted pursuant to consultations between the President and the intelligence committees prior to implementation of special activities. Requires the President to ensure that any illegal intelligence activity or significant intelligence failure is reported to the intelligence committees, as well as any corrective action taken or planned in connection with such illegal activity or failure. (Current law imposes this duty only…