Endangered Species Management Act of 1994

Endangered Species Management Act of 1994 - Amends the Endangered Species Act of 1973 to prohibit the Secretary (of the Interior, Commerce, or Agriculture, as determined under the Act) from determining that an isolated population of a species is endangered or threatened if the species is not otherwise an endangered or threatened species. Requires the Secretary, when making a determination of endangered or threatened species, to issue a report delineating all direct and indirect economic and social impacts of delineation of proposed critical habitat to the areas affected and to the Nation.

Prohibits the Secretary from listing a species as endangered or threatened unless: (1) the Secretary has prepared a report that includes the complete file of scientific data and collection methodology which has been developed in conjunction with the listing or with any critical habitat designation and details of a recovery plan for the species (including scientific data and projected costs); (2) scientific data supporting the listing has been reviewed by a scientific peer review panel and panel recommendations are submitted to the Secretary; (3) the Secretary publishes notice of intent to list in each area of the United States where the species is believed to occur; and (4) the Secretary conducts public hearings in each such area.

Revises or sets requirements regarding: (1) cooperative agreements with States; (2) Federal agency actions; (3) prohibition of ex parte communications between the President and members of the Endangered Species Committee; and (4) hardship permit exemptions.

Directs the Secretary to pay just compensation for any taking of private or public property to the owner of the property, including damages incurred by the owner as a result of such taking. Limits the Secretary's ability to take actions likely to result in a taking of public or private property or substantial social or economic impact.