Safeguarding Explosives for Homeland Security Act

Safeguarding Explosives for Homeland Security Act - Requires each state to submit to the Attorney General a written report (and subsequent updates) that specifies each location at which any agency operating under state law stores or keeps explosive materials that have been transported in interstate or foreign commerce and the types and amounts of such materials. Directs the Attorney General to prescribe final regulations governing the storage of such materials by state or local agencies, including public safety and security standards and requirements for video surveillance or an alarm system.

Authorizes the Attorney General to enter during business hours any place where a state or local agency stores explosive materials that have been transported in interstate or foreign commerce, for the purpose of inspecting and determining whether they are stored in compliance with such regulations.

Authorizes the Attorney General to reduce by 10% the funds that an agency would otherwise receive under any Department of Justice grant program if it fails to comply.

Authorizes the Secretary of Homeland Security to make matching grants to state and local law enforcement agencies to cover the cost of complying with such regulations.