National Aquatic Ecosystem Restoration Act of 1994

National Aquatic Ecosystem Restoration Act of 1994 - Declares that it is U.S. policy that: (1) Federal, State, and local agencies should plan and implement aquatic ecosystem restoration projects resulting in achievement of the interim goals of a net restoration of ten million acres of wetlands, 400,000 miles of streams and rivers, and one million acres of lakes (excluding the Great Lakes) by the year 2010, and long-term goals published by the National Aquatic Restoration Council (established by this Act); and (2) the Federal Government should provide leadership and technical and financial assistance to State and local governments, tribal organizations, other management entities, and private citizens to plan, implement, monitor, and evaluate aquatic ecosystem restoration.

Directs the Council to: (1) monitor achievement of the interim goals; and (2) upon determining that such goals have been achieved, establish and publish long-term goals in the Federal Register.

Requires: (1) the President to establish an Aquatic Ecosystem Restoration Task Force to develop a National Aquatic Ecosystem Restoration Strategy; and (2) the Director of the U.S. Fish and Wildlife Service to seek to implement the Strategy.

Sets forth the contents of the Strategy. Directs the Task Force, in developing the Strategy, to consider the national policy and recommendations contained in the National Research Council's 1992 report on Restoration of Aquatic Ecosystems and the 1994 National Science Foundation's Freshwater Initiative.

Directs the National Fish and Wildlife Foundation, subject to the availability of amounts deposited into the Aquatic Ecosystem Restoration Fund (established by this Act), to provide financial assistance to a management entity to carry out each aquatic restoration project approved by the Council. Sets forth requirements regarding applications for assistance and review and approval of proposed projects.

Requires the Task Force to submit to the President and publish in the Federal Register recommendations for sources of amounts for deposit into the Fund, consisting of fees imposed for use or degradation of water resources. Sets forth provisions regarding presidential and congressional review of the recommendations. Directs that amounts received by the United States pursuant to such recommendations be deposited into the Fund.

Authorizes appropriations.