Stop Allowing Felons Early Release (SAFER) Act - Modifies Violent Crime Control and Law Enforcement Act of 1994 provisions regarding truth in sentencing incentive grants. Directs the Attorney General to: (1) allocate for each eligible State an amount equal to the ratio that the number of part 1 violent crimes reported by such State to the Federal Bureau of Investigation (FBI) for 1993 bears to the number of part 1 violent crimes reported by all States for 1993; and (2) reduce the amount allocated by 25 percent for each eligible State that has not enacted a statute that eliminates parole, good time credit release, and any other form of early release for any person convicted of a part 1 violent crime, with early release permitted only by approval of the Governor after a public hearing during which representatives of the public and the victims of the part 1 violent crime at issue have had an opportunity to be heard. Requires the total amount from reductions under this Act to be allocated to each eligible State that has enacted such a statute.