Information Classification Act of 1994

Information Classification Act of 1994 - Amends the National Security Act of 1994 to add provisions relating to the classification and declassification of information. Allows information to be classified under such Act only if the public interest in knowing such information is outweighed by national security damage which could be expected to result from the release of such information. Provides that if there is reasonable doubt about the need to classify information, it shall not be classified. Specifies information that may be classified (military, diplomatic, or intelligence information, or research or technology critical to the national defense) and purposes for which information shall not be classified (to conceal violations of law, inefficiency, or error, prevent embarassment, restrain competition, or control access to information not clearly related to national security). Provides: (1) classification levels (exceptionally grave damage, serious damage); (2) classification authority only for the President and his designees; and (3) classification duration (ten years for the highest classification, six for the next level, with authorized extensions). Establishes the Information Security Oversight Office. Requires such Office to periodically review the classification of information under such Act.

Directs the President to develop and submit to the Congress for approval a proposal for implementing this Act. Requires congressional approval by joint resolution.