Foreign Investment and National Security Act of 2006

Foreign Investment and National Security Act of 2006 - Amends the Defense Production Act to revise provisions concerning presidential authority to review any mergers, acquisitions, or takeovers (transactions) that could result in foreign control of persons engaged in interstate commerce in the United States. Codifies the Committee on Foreign Investment in the United States (CFIUS) as a multi-agency committee, with the Secretary of the Treasury as the chairperson and the Secretary of Defense as the vice chairperson. Directs CFIUS to review any such transaction to determine its effect on national security, and to investigate whether the transaction could result in foreign control of any critical U.S. infrastructure with possible impairment to national security.

Requires CFIUS to provide assessments and classifications of foreign countries for use with its reviews and investigations. Authorizes the President, after a CFIUS review or investigation, to take appropriate action, including suspending or prohibiting a transaction.

Requires: (1) notification of certain members of Congress of a proposed or pending transaction that has come under review or investigation; and (2) an annual report from the Secretary of the Treasury to the congressional finance committees with respect to the preservation of the nation's defense production and critical infrastructure.