Stop Allowing Felons Early Release (SAFER) Act - Modifies Violent Crime Control and Law Enforcement Act of 1994 provisions regarding truth-in-sentencing grants to direct the Attorney General, beginning three years after the date of this Act's enactment, to 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. Permits early release only by approval of the Governor after a public hearing during which representatives of the public, the victims of the crime, and the law enforcement agencies from the jurisdiction in which the crime was committed 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.