Safeguarding American Innovation Act This bill addresses the security of federally funded research and development grants and export-controlled goods, technologies, or sensitive information. The bill establishes in the Office of Management and Budget a Federal Research Security Council to develop federally funded research and development grant making policy and management guidance to protect the national and economic security interests of the United States. Each executive agency on the council shall be responsible for assessing federal research security risks posed by persons participating in federally funded research and development. The bill prohibits any individual from knowingly (1) preparing or submitting a federal grant application that fails to disclose the receipt of any outside compensation, including foreign compensation, by the individual; or (2) forging, counterfeiting, or otherwise falsifying a document to obtain a federal grant. An alien shall be inadmissible to the United States if a consulate or the Department of Justice knows the alien seeks to enter the United States to acquire export-controlled goods, technologies, or sensitive information if the Department of State has determined that such acquisition would be contrary to U.S. national security (including economic security). The bill revises provisions relating to the disclosure of foreign gifts.