To amend the Homeland Security Act of 2002 to require annual risk assessments for purposes of the State Homeland Security Grant Program, and to require that risk assessments conducted for purposes of the Urban Area Security Initiative be conducted jointly with appropriate eligible metropolitan area officials.

Amends the Homeland Security Act of 2002 to require the Administrator of the Federal Emergency Management Agency (FEMA): (1) in order to better inform the allocation of grants under the State Homeland Security Grant Program, to conduct an initial assessment of the relative threat of, vulnerability to, and consequences from acts of terrorism for each state, with each threat assessment for a state conducted jointly with appropriate state officials; and (2) to conduct such initial risk assessments for eligible metropolitan areas for purposes of Urban Area Security Initiative grants jointly with appropriate metropolitan area officials.