Intergovernmental Law Enforcement Information Sharing Act of 2001

Intergovernmental Law Enforcement Information Sharing Act of 2001 - Directs the Attorney General to expeditiously carry out security clearance investigations for, and to grant appropriate security clearances to, specified persons, including: (1) every Governor who applies for a security clearance; (2) at least one senior law enforcement official for each State or territory; (3) law enforcement officers from State, territorial, and local agencies that participate in Federal counter-terrorism working groups or joint or regional terrorism task forces; and (4) the chiefs, commissioners, sheriffs, or comparable officials who head State, territorial, and local agencies that participate in such working groups or task forces.

Authorizes the Attorney General to: (1) charge State, territorial, and local governments for the costs of carrying out security clearance investigations and granting security clearances, not to exceed the amounts charged for Federal employees; and (2) waive any charges that would otherwise apply to a State, territorial, or local government if such government agrees to promptly provide Federal officials, without charge, with access to criminal databases for the purpose of conducting personnel security background investigations for military, civilian, and contract employees.

Directs the Attorney General to: (1) ensure that information systems, including databases, are configured to allow efficient and effective sharing of information among appropriate Federal, State, territorial, and local officials and agencies; and (2) conduct a study of methods to enhance the sharing of sensitive Federal law enforcement information with State, territorial, and local law enforcement officials.