Federal Emergency Procurement Flexibility Act of 2002

Federal Emergency Procurement Flexibility Act of 2002 - Provides that the simplified acquisition threshold to be applied for any FY 2002 or 2003 executive agency procurement of property or services that is to be used to facilitate the defense against or recovery from terrorism or nuclear, biological, chemical, or radiological attack and that is carried out in support of a humanitarian or peacekeeping operation or a contingency operation shall be: (1) $250,000 for a contract to be awarded and performed, or a purchase to be made, inside the United States; or (2) $500,000 for a contract to be awarded and performed, or a purchase to be made, outside of the United States.

Authorizes the head of each agency to designate certain employees to make such procurements below a micro-purchase threshold of $15,000 (currently, $2,500) under the Office of Federal Procurement Policy Act.

Permits executive agencies to apply to any such procurement specified provisions of law relating to the procurement of commercial items, without regard to whether the property and services are commercial items. Deems the $5 million limitation on the use of special simplified acquisition procedures to be $10 million.

Requires executive agencies to use specified streamlined acquisition authorities and procedures for such procurements.

Allows executive agencies who engage in necessary basic, applied, and advanced research and development projects that have the potential to facilitate defense against or recovery from terrorism or a terrorist attack to exercise specified authority accorded the Secretary of Defense for research project transactions other than contracts and grants and to carry out prototype projects.

Directs executive agencies to conduct market research to identify the capabilities available in the marketplace in furtherance of defense against or recovery from terrorism or a terrorist attack.