Environmental Risk Reduction Act of 1993 - Directs the Administrator of the Environmental Protection Agency to use resources pursuant to environmental laws to reduce risks to human health and welfare and ecological resources through the assessment and ranking of relative risks and options for their management. Requires the Administrator to establish: (1) a Committee on Relative Risks to provide advice on ranking the relative risks of stressors to human health and welfare and ecological resources; (2) a Committee on Environmental Benefits to provide advice on estimating quantitative benefits of reducing risks and the costs of existing or proposed laws or regulations; and (3) a Committee on Communicating Risk to provide advice on communicating information on risks to the public. Authorizes appropriations.

Directs the Administrator to: (1) protect human health and the environment by using careful risk assessments and evaluation of options for reducing risks; and (2) develop and revise, as necessary, guidelines to ensure consistency and technical quality in risk assessments by specifying minimum standards for risk assessment approaches.

Requires the Administrator to conduct a core environmental risk assessment research program to insure that the risk assessment process is based on adequate environmental data and scientific understanding. Requires at least half of research conducted under this Act to be under agreements with universities or not-for-profit organizations. Authorizes appropriations.

Establishes an Interagency Panel on Risk Assessment and Reduction for purposes of coordinating Federal research, data gathering, and implementation of environmental risk assessment and risk reduction activities.

Directs the Administrator to report to the Congress on: (1) a prioritized list of the human health and welfare and ecological resource risks considered by the Committee on Relative Risks; (2) public awareness of the likelihood, seriousness, magnitude, and irreversibility of each risk; (3) alternative options for reducing risks and estimated costs and benefits to society; (4) the time required for reducing risks through each option; (5) evaluation of the uncertainty associated with aspects of the assessment process; and (6) research or data collection that would reduce such uncertainty. Provides for biennial updates of such report.