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Terrorist Surveillance Act of 2006 - Allows the President to authorize a Terrorist Surveillance Program (Program) of electronic surveillance without a court order for periods of up to 45 days if: (1) the President determines that the surveillance is necessary to protect the United States, its citizens, or its interests, whether inside or outside the United States; (2) there is probable cause to believe that a surveillance subject is an agent or member of a group or organization on the Terrorist Surveillance List (established in this Act); (3) the surveillance is initiated and conducted in a manner reasonably designed to acquire only communications to or from the United States where at least one party to the surveillance is located outside the United States, or the communications appear to originate or terminate outside the United States; (4) there is not a substantial likelihood that the surveillance will acquire the substance of any communication where every party thereto is located within the United States; and (5) procedures are in place for the minimization of privacy infringement standards outlined under the Foreign Intelligence Surveillance Act of 1978. Directs the President to establish and maintain a Terrorist Surveillance List. Requires the Attorney General: (1) after the end of each Program period, to review and recommend to the President whether the program should be reauthorized; and (2) to review the surveillance of individual targets within the United States under each Program. Provides for the creation of Senate and House intelligence subcommittees to oversee and monitor surveillance conducted by the President under each Program. Requires regular subcommittee reports to the full intelligence committees. Amends federal criminal law to provide criminal penalties for the unauthorized disclosure of information collected under each Program.

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