Selective Service Standby Act of 2001

Selective Service Standby Act of 2001 - Amends the Military Selective Service Act to limit the required registration under the Selective Service System (SSS) to periods in which a declaration of national emergency is in effect. Authorizes the President to declare such a period, requiring its prompt termination upon the termination of the emergency. Mandates the termination of such a declaration upon the expiration of the first ten-day period of continuous congressional session after such declaration, unless Congress enacts a ratifying law.

Suspends: (1) any sanctions against persons failing to register under the SSS; and (2) the activities of SSS boards (except during a national emergency).

Requires a report from the Director of Selective Service to Congress on a standby emergency manpower mobilization registration program for use during national emergencies.

Expresses the sense of Congress that at least 50 percent of the difference between the amount appropriated to carry out the Military Selective Service Act for the fiscal year in effect on the date of enactment of this Act and the amount so appropriated for each of the first four fiscal years after the effective date of this Act should be appropriated to the Secretary of Veterans Affairs to support expanded health care services for veterans.