Federal Records Accountability Act of 2014

(Sec. 4) Requires a federal agency head: (1) whenever the unlawful concealment, removal, mutilation, obliteration, falsification, or destruction of any record, book, or other thing in the agency's custody comes to his or her attention, to notify the Archivist and publish a general description of the records on the agency's website; and (2) to initiate action through the Attorney General for the recovery of records that have been unlawfully removed from the agency. Requires the Archivist to initiate action to recover such records if the agency head fails to do so within a reasonable period.

(Sec. 5) Requires each agency head to designate a Senior Agency Official for Records Management by November 15, 2014 (and to reaffirm or designate a new such Official by November 15 of each year thereafter), who shall ensure compliance with all applicable records management statutes, regulations, and any guidance issued by the Archivist. Authorizes an agency head to designate additional Senior Agency Officials for Records Management as determined necessary.

(Sec. 6) Directs the Archivist to promulgate regulations governing federal agency preservation of electronic messages that are determined to be records, which shall:

require the electronic capture, management, and preservation of such electronic records in accordance with records disposition requirements;

require that such electronic records are readily accessible for retrieval through electronic searches;

establish mandatory minimum functional requirements for electronic records management systems and a process to certify that systems meet such requirements; and

include time lines that ensure federal agency compliance with such regulations by not later than two years after enactment of this section. Requires: (1) such regulations to include requirements for the capture, management, and preservation of other electronic records; (2) the Archivist to periodically review, and amend as necessary, such regulations; and (3) each federal agency head to report on agency compliance with such regulations to the Archivist, who shall report to specified congressional committees.

(Sec. 7) Directs the Archivist: (1) to promulgate regulations that provide for the establishment of standards for the economical and efficient management of electronic presidential records during the President's term of office, (2) annually, to certify whether the electronic records management controls established by the President meet requirements under this Act and to report to specified congressional committees on the status of such certification, and (3) one year after the conclusion of a President's last term of office, to report on the volume and format of electronic presidential records deposited into that President's archival depository and on whether the electronic records management controls of that President met the requirements of this Act.

(Sec. 8) Requires each agency's records management program to provide for: (1) the identification and automatic retention of electronic messaging accounts that should be preserved as permanent federal records; and (2) the electronic capture, management, and preservation of electronic messaging accounts such that electronic records are readily accessible for retrieval through electronic searches and there are mandatory minimum functional requirements for electronic records management systems to ensure compliance with program requirements. Directs the Comptroller General to report to Congress not less than every two years on agency management of electronic mail records.

Amends the Inspector General Act to include among the duties and responsibilities of each agency's Inspector General to review legislation and regulations relating to records retention requirements for programs and operations of such agency and to make recommendations in required semiannual reports concerning compliance with such requirements.

Makes this section effective on December 31, 2016.