State Infrastructure Banks for Schools Act of 2001

State Infrastructure Banks for Schools Act of 2001 - Authorizes the Secretary of the Treasury to enter into cooperative agreements with States for the establishment of State infrastructure banks and multistate infrastructure banks to make loans to: (1) local educational agencies for building or repairing elementary or secondary schools which provide free public education; and (2) public libraries for building or repairing library facilities.

Grants consent of Congress to the States to enter into a cooperative agreement with the Secretary, as well as an interstate compact, to establish a multistate infrastructure bank.

Prescribes infrastructure bank requirements.

Emphasizes that: (1) any infrastructure bank loan shall be used to supplement, not supplant other Federal, State, and local funds; and (2) the contribution of Federal funds into such infrastructure banks shall not be construed as a Federal commitment, guarantee, or obligation to any third party.

Mandates review by the Secretary of the financial condition of each infrastructure bank.