Reclassification to Ensure Smarter and Equal Treatment Act of 2017 or the RESET Act This bill amends the Controlled Substances Act to reduce the potential sentence for possession of a controlled substance by a person with one or more prior convictions. The bill repeals the provision providing for up to three years' imprisonment for the possession of a date rape drug and revises the penalties for possession of such drugs after a prior drug-related conviction. The maximum term of imprisonment for the sale or use of the mails to transport, or for importation or exportation of, drug paraphernalia is reduced to one year. The bill eliminates increased penalties for cocaine offenses where the cocaine involved is cocaine base. In determining the weight of a controlled substance or mixture of controlled substances that is in a compound with a food product, the weight of the food product shall not be included. Amendments made by this bill are applicable to both defendants who committed the offense and/or were convicted before the bill's enactment. The U.S. Sentencing Commission shall review and, if appropriate, amend the federal sentencing guidelines and policy statements applicable to any person convicted of an offense affected by this bill. There is established within the Department of Justice the Safe Neighborhoods and Schools Fund, for expenditures to: improve outcomes for public school pupils in kindergarten and grades 1 through 12 by reducing truancy and supporting students who are at risk of dropping out or are victims of crime; provide services to crime victims; support mental health treatment, substance abuse treatment, and diversion programs for people in the criminal justice system; and pay down the national debt.