The "Risky Research Review Act" proposes to establish the Life Sciences Research Security Board as an independent agency within the Executive Branch. This Board's primary mission is to issue binding determinations on whether federal agencies may award funding for proposed high-risk life sciences research, which includes "dual use research of concern" and "gain of function research." The bill defines "dual use research of concern" as life sciences research that could be misapplied to cause harm, posing significant threats to public health, safety, agriculture, or national security.

The Board will consist of nine members, including scientists, national security experts, and a biosafety expert, appointed by the President for four-year terms. These members must be impartial, distinguished, and undergo rigorous conflict of interest reviews, with participation in high-risk research considered a potential conflict. All Board members and key staff will be granted necessary security clearances to access classified information.

A key function of the Board is to establish a process for reviewing federal funding for high-risk life sciences research before it is awarded. Agencies are prohibited from funding such research without the Board's approval. Entities seeking federal funding must attest under penalty of perjury whether their research constitutes high-risk life sciences research or involves select agents or toxins, and agencies must certify the validity of these attestations.

If research in progress unexpectedly becomes high-risk, the entity must pause the research and notify the agency, which then refers it to the Board for review. The Board's review process considers various factors, including threats to public health and national security, anticipated risks and benefits, and whether benefits outweigh risks or could be achieved through lower-risk procedures. The Board also determines minimum biosafety, biosecurity, and personnel assurance controls for approved research.

The bill includes robust enforcement mechanisms, such as suspension and debarment proceedings for entities that knowingly provide false attestations or fail to report changes in research circumstances. Agency employees who knowingly fail to comply with certification requirements face disciplinary action and permanent revocation of security clearances. The Board is authorized to establish scientific expert panels to advise its reviews, subject to strict conflict of interest policies, and must report annually to Congress on its findings and determinations, including a classified annex.

For "emergency research" related to public health or national security, the bill allows for expedited review by the Board, with provisions for temporary funding if a determination is not made within 15 days. The Board is also tasked with continuously updating the definition of "select agent or toxin" based on new notifications. The Government Accountability Office (GAO) will periodically audit the Board, and $30 million is authorized annually for its operations from fiscal years 2026 through 2035.