The "AI Security and Innovation Act" amends the National Artificial Intelligence Initiative Act of 2020 to establish the Center for AI Security and Innovation (CFAI) within the National Institute of Standards and Technology (NIST) under the Secretary of Commerce. This Center is tasked with ensuring continued United States leadership in the research, development, and evaluation of artificial intelligence systems. Its core activities include measuring risks associated with AI, facilitating information exchange between government and non-governmental entities to mitigate these risks, and supporting U.S. innovation. The CFAI will evaluate and improve security measures for AI systems, addressing threats such as model tampering, data leakage, and supply chain attacks. It will establish voluntary agreements with covered entities to assess covered frontier systems for national and economic security risks, including those related to cybersecurity and chemical, biological, radiological, or nuclear threats. The Center will also develop and promote voluntary standards, guidelines, and best practices for the testing, evaluation, security, and reliability of AI systems, while assessing AI development trends in the U.S. and foreign adversaries. The Director of the CFAI will consult with various federal agencies and AI developers, and participate in interagency AI policy discussions. Information shared with the Center by covered entities will be kept confidential and cannot be used for regulatory purposes. Importantly, the bill explicitly states that the Center has no regulatory, rulemaking, or enforcement authority, and it is authorized $20 million annually for fiscal years 2027 through 2032, with a sunset clause after five years.