Administrative Procedure Reform Act of 1994

Administrative Procedure Reform Act of 1994 - Amends Federal law to require a Federal agency head to publish in the Federal Register a notice of intent to engage in major rulemaking which contains a Regulatory Impact Analysis. Requires a final Regulatory Impact Analysis for any final proposal for a major rule. Specifies the contents of such an Analysis, as well as hearing and comment period requirements.

Defines major rule as any proposed regulatory action: (1) which affects more than 100 persons; or (2) compliance with which will require the expenditure of over $1 million by any person which is not a Federal agency.

Prohibits an agency from adopting a major rule unless its final Regulatory Impact Analysis is approved by the Director of the Office of Management and Budget.

Sets forth a standard of clarity for major rules.

Directs the Administrator of the Office of Information and Regulatory Affairs to report to the Congress an analysis of the rulemaking procedures of Federal agencies and their impact on the regulated public and regulatory process.