Amends the Foreign Intelligence Surveillance Act (FISA) to: (1) terminate on December 31, 2013, authorities for the use of national security letters; (2) modify and expand the criteria for issuance of national security letters and orders for access to tangible things and for pen registers and trap and trace devices for foreign intelligence purposes; and (3) revise and expand public reporting requirements under such Act.

Amends the Intelligence Reform and Terrorism Prevention Act of 2004 to extend until December 31, 2013, provisions revising the definition of an "agent of a foreign power" to include any non-U.S. person who engages in international terrorism or preparatory activities ("lone wolf" provision).

Amends FISA, the Fair Credit Reporting Act, and the Right to Financial Privacy Act to revise provisions limiting disclosure by wire or electronic communication service providers, consumer reporting agencies, and financial institutions of the receipt of a national security letter by: (1) limiting the duration of nondisclosure requirements to one year at a time; (2) setting forth specific grounds for certifying the need for nondisclosure; and (3) granting judicial review of a nondisclosure requirement.

Extends through 2012 audit requirements relating to orders for tangible things, pen registers and trap and trace devices, and the use of national security letters.

Amends the Intelligence Reform and Terrorism Prevention Act of 2004 to extend until December 31, 2013, provisions revising the definition of an "agent of a foreign power" to include any non-U.S. person who engages in international terrorism or preparatory activities ("lone wolf" provision).

Amends the Foreign Intelligence Surveillance Act of 1978 (FISA), the Right to Financial Privacy Act, and the Fair Credit Reporting Act to terminate on December 31, 2013, authorities for the issuance of national security letters.

(Sec. 3) Amends FISA to revise requirements for applications for access to business records in counterterrorism investigations to require an applicant to present a statement of facts and circumstances relied upon to justify the applicant's belief that the records sought are relevant to an investigation. Repeals the presumption in favor of the government that an application for records is relevant to an investigation. Imposes similar requirements for access to circulation records or patron lists of a library and for orders for pen registers and trap and trace devices (devices for recording incoming and outgoing telephone numbers). Defines and requires "minimization procedures" for minimizing the retention and dissemination of information obtained from such records and devices.

(Sec. 5) Revises requirements for obtaining orders to prohibit disclosure of the receipt of a national security letter.

Requires the Federal Bureau of Investigation (FBI) or other appropriate agency to notify persons challenging a nondisclosure order if facts supporting such order no longer exist.

(Sec. 6) Amends FISA to eliminate: (1) the requirement that recipients of any order to produce records wait one year before challenging such order or a nondisclosure requirement in court; and (2) the conclusive presumption that disclosure of an order for tangible things would endanger national security or a person's life or safety or would interfere with a criminal or terrorist investigation or with diplomatic relations.

Revises procedures for obtaining judicial review of national security letter nondisclosure orders. Allows the recipient of a nondisclosure order to request judicial review of the order and requires the government to respond by setting forth specific facts in a certification that justify the need for nondisclosure based upon national security and other concerns. Requires courts, in considering whether to grant a nondisclosure order, to give substantial weight to the facts alleged by the government in its certification.

(Sec. 7) Modifies the standard for obtaining a national security letter to require the FBI or other agency issuing a national security letter to provide a written statement of specific facts showing that there are reasonable grounds to believe that the information sought is relevant to an authorized investigation.

(Sec. 8) Modifies reporting requirements for national security letters to require a breakdown of the types of persons targeted (e.g., U.S. persons and non-U.S. persons) and whether such persons are subjects of authorized national security investigations or not.

(Sec. 9) Amends FISA to require separate public reporting of requests for electronic surveillance, physical searches, pen registers, and orders for tangible things in the semiannual report of the Attorney General on persons targeted for investigation under FISA.

(Sec. 10) Extends through 2011 provisions requiring the Inspector General of the Department of Justice (DOJ) to conduct audits on investigative authority provided to the FBI under FISA and on the effectiveness and use of national security letters. Directs the Inspector General to report to the House and Senate Judiciary and Intelligence Committees on the results of such audits by June 30, 2011, for audits conducted in 2007, 2008, and 2009, and by December 31, 2012, for audits conducted in 2010 and 2011.

(Sec. 11) Amends the federal criminal code to reduce from 30 to 7 days the period for giving notice to the target of a search warrant in a criminal investigation.

(Sec. 12) Directs the Attorney General to: (1) establish procedures, within 180 days of the enactment of this Act, minimizing the acquisition, retention, and dissemination by the FBI of any records received by the FBI in response to a national security letter; and (2) submit to the House and Senate Judiciary and Intelligence Committees a copy of such procedures.