Campaign Finance Improvement Act of 2001

Campaign Finance Improvement Act of 2001 - Amends the Federal Election Campaign Act of 1971 (FECA), as amended by the Department of Transportation and Related Agencies Act, 2001, to require the Federal Election Commission (FEC) to: (1) require each political committee which receives a contribution of $200 or more to report it to the FEC; (2) require at least 50 percent of contributions accepted by candidates for the House of Representatives or the Senate to come from in-State residents; (3) require the principal campaign committees of such candidates to report to the FEC the total contributions received from in-State residents; (4) waive the "best efforts" exception and require the identification of any person who makes a contribution or contributions aggregating more than $200 annually; (5) lower the aggregate limit on U.S. and foreign cash contributions; (6) outline requirements for the treatment of contributions made by dependent minors; (7) redefine foreign national to include any individual who is not a U.S. citizen, regardless of whether admitted to the United States lawfully; and (8) require disclosure by a political committee of a national political party of all funds transferred to any political committee of a State or local political party, without regard to whether or not they are treated as contributions or expenditures subject to FECA limits (that is, disclosure of soft money funds transfers).

Makes it unlawful, except with the authorization of each individual, for: (1) national banks or corporations to collect from or assess their stockholders or employees any dues, initiation fee, or other payment as a condition of employment if any part of such dues, fee, or payment will be used for political activities in which the national bank or corporation is engaged; and (2) labor organizations to collect from or assess their members or nonmembers any dues, fee, or other payment if any part of such dues, fee, or payment will be used for political activities in which the labor organization is engaged.

Prohibits an authorized committee of a candidate for Federal office from accepting any contribution from an authorized committee of another candidate for Federal office except with regard to the transfer of funds between an authorized committee of a candidate for Federal office and an authorized committee of the same candidate for another Federal office.

Requires the FEC to obtain and provide for the computer software required to carry out electronic filings under FECA.

Amends the Communications Act of 1934 to prohibit a broadcast station from accepting for broadcast any soft money advertisement which contains the image, name, or likeness of a Federal election candidate unless the station agrees to broadcast without charge advertisements: (1) of the candidate's authorized committee, if the soft money advertisement was critical; or (2) of the authorized committee of the candidate's opponent, if the soft money advertisement was positive.