Regenerative Medicine Promotion Act of 2014 - Requires the Comptroller General to submit to Congress a report identifying all ongoing federal programs and activities regarding regenerative medicine.

Directs the Secretary of Health and Human Services (HHS) to establish a Regenerative Medicine Coordinating Council, which shall:

• prepare a national strategy to support research into regenerative medicine and enable the development of drugs, biological products, medical devices, and biomaterials for use in regenerative medicine;
• develop national goals for regenerative medicine research and product development;
• prepare a plan specifying priorities for research into regenerative medicine;
• identify sources of funding for research into regenerative medicine and areas where such funding is inadequate or duplicative;
• make recommendations regarding federal policies to support development and marketing of regenerative medicine products;
• develop consensus standards regarding scientific issues critical to regulator approval of regenerative medicine products; and
• determine the need for establishing centers of excellence or consortia to further advance regenerative medicine.

Directs the Council to: (1) adopt procedures to ensure the receipt of public input; and (2) submit an annual report on its activities to Congress, the Director of the National Institutes of Health (NIH), and the Commissioner of Food and Drugs (FDA).