A bill to amend the Magnuson Fishery Conservation and Management Act of 1976, and for other purposes.

TABLE OF CONTENTS: Title I: Magnuson Fishery Conservation and Management Act Amendments Title II: Transfer of U.S. Flag Fishing and Processing Vessel Registries Title I: Magnuson Fishery Conservation and Management Act Amendments - Magnuson Fishery Conservation and Management Act Amendments of 1994 - Amends the Magnuson Fishery Conservation and Management Act to revise the purposes of the Act to make Regional Fishery Management Councils (Councils) free from conflicts of interest affecting any Council member. (Sec. 104) Requires that: (1) national standards for fishery conservation and management include reduction of excessive fishing capacity and avoidable bycatch and discards as technologically feasible; and (2) conservation and management measures promote safety of life and property at sea. (Sec. 105) Requires that: (1) the Pacific Fishery Management Council add a voting member to include one appointed from an Indian tribe with federally recognized fishing rights; (2) the Secretary of Commerce, in making appointments to Councils, give the lowest priority to paid representatives and lobbyists of fishery associations unless such individuals are directly employed in a commercial fishery; and (3) all voting members of each Council take a specified oath. Includes the child, grandchild, parent, and sibling of a Council member as an "affected individual" for purposes of disclosure of financial interest. Directs a Council member required to disclose a financial interest to recuse himself or herself from voting on Council actions that have a direct and predictable effect on that interest. Directs the Regional Directors of the National Marine Fisheries Service and all Council staff members to avoid any action which might result in or create the appearance of using public office for private gain, giving preferential treatment to any person, or adversely affecting public confidence in Government integrity. (Sec. 106) Revises or adds provisions regarding: (1) contents of fishery management plans; (2) actions by the Secretary; (3) implementation of fishery management plans; (4) State jurisdiction; and (5) prohibited acts and enforcement. (Sec. 113) Authorizes appropriations. Title II: Transfer of U.S. Flag Fishing and Processing Vessel Registries - U.S. Fishery Capitalization Reduction Act of 1994 - Allows specified vessels to acquire the right to engage in the coastwise trade by reason of being placed under foreign registry. Subjects the operation of such vessel which has been sold to a person that is not a U.S. citizen or placed under foreign registry to the following limitations: (1) the vessel may only engage in fisheries or coastwise trade in which it was eligible to engage before the vessel was placed under foreign registry; (2) the vessel may not engage in any operation other than fishing, fish processing, and the transportation of fish, fish products, or materials; and (3) all drydocking, conversion, repair (except routine maintenance or emergency repair), or rebuilding of the vessel after the date on which the vessel is placed under foreign registry shall be performed in shipyards located in the United States.