RESET Act

Reclassification to Ensure Smarter and Equal Treatment Act of 2014 or the RESET Act - Amends the Controlled Substances Act (CSA) to reduce penalties (to not greater than a one-year term of imprisonment and/or a $1,000 fine) for simple possession of a controlled substance by a person who has one or more prior convictions for a controlled substance offense. Repeals a provision providing for up to three years' imprisonment for the possession of flunitrazepam. Reduces the maximum term of imprisonment (to one year) for the sale, use of the mails to transport, or importation or exportation of drug paraphernalia.

Eliminates provisions of the CSA and the Controlled Substances Import and Export Act that apply the same penalties applicable to offenses involving a specified amount of a substance containing cocaine to offenses involving a lesser amount of a substance containing cocaine base.

Amends the CSA to provide that in determining the weight of a controlled substance or mixture of controlled substances that is in a compound with a food product for purposes of provisions concerning controlled substance offenses, the weight of the food product shall not be included.