Federal Sunset Act of 2014 - Establishes the Federal Agency Sunset Commission to: (1) submit to Congress a schedule for review by the Commission, at least once every 12 years, of the abolishment or reorganization of each federal executive agency, including advisory committees; (2) review and evaluate the efficiency and public need for each agency using specified criteria; (3) recommend whether each agency should be abolished or reorganized; and (4) report to Congress on all legislation introduced that would establish a new agency or a new program to be carried out by an existing agency. Requires the abolishment of any agency within one year of the Commission's review, unless the agency is reauthorized by Congress. Authorizes the deadline for abolishing an agency to be extended for an additional two years by legislation enacted by a super majority of the House of Representatives and the Senate.
Terminates the Commission on December 31, 2033.
Directs the Comptroller General (GAO) and the Director of the Congressional Budget Office (CBO), in cooperation with the Director of the Congressional Research Service (CRS), to prepare an inventory of federal programs within each agency, including the budget authority for each such program, to assist Congress and the Commission in carrying out the requirements of this Act.