Derivatives Safety and Soundness Act of 1994

Derivatives Safety and Soundness Act of 1994 - Amends the Federal Deposit Insurance Act and the Federal Credit Union Act to delineate disclosure requirements for derivative financial instruments transactions (derivatives) that must be included by an insured depository institution in its report of condition.

Directs the Federal banking agencies to develop the means to obtain on a nightly basis all necessary information on derivatives in the event an agency needs it as a result of an emergency market situation.

Directs the Federal banking agencies and the National Credit Union Administration Board to: (1) take joint action to encourage institutions under their purview to develop standard methodologies for estimating the fair value of their interests in derivative financial instruments; and (2) develop uniformly applicable accounting standards for such instruments.

Directs the Secretary of the Treasury (the Secretary) to include the Chairperson of the Federal Deposit Insurance Corporation and the Comptroller of the Currency as principals on any interagency task force dealing with derivatives issues.

Requires senior management of insured depository institutions to exercise oversight of derivatives activities. Prescribes Federal banking agency enforcement guidelines for noncompliance with such requirements.

Instructs the Secretary to meet with major industrialized countries to plan a study addressing specified goals and issues of international regulation of derivatives.

Directs the Comptroller General to study and report to the Congress on the speculative uses of derivatives and the feasibility of imposing taxes and margin requirements upon speculative transactions involving them.