Federal Election Failsafe Act This bill requires the Department of Homeland Security (DHS) to establish guidelines that states must meet for the continuing administration of federal elections in the event of a terrorist attack, an election cybersecurity incident, or a public health emergency. Specifically, DHS must establish guidelines for the administration of federal elections by states in the event that a state's ability to carry out federal elections is adversely affected by a terrorist attack, an election cybersecurity incident, or a public health emergency. Such guidelines must include, among other elements, guidelines for ensuring that voting systems are resilient to attack so that systems accurately capture and report each vote cast by voters. States must establish and implement plans to provide for the continuing administration of federal elections which meet the guidelines established by DHS, including plans to continue elections through remote voting. Additionally, state and local election officials must carry out exercises to respond to simulated attacks. The Election Assistance Commission must provide grants to state and local election officials to assist with meeting the bill's requirements. The bill also requires the Government Accountability Office to study the risks and benefits associated with relying on electronic voting technology in federal elections.