Foreign Government Ownership Act of 2001

Foreign Government Ownership Act of 2001 - Amends the Communications Act of 1934 to prohibit any broadcast license, permit, or operating authority from being granted to or held by a corporation, joint venture, partnership, other business organization, trust, or other entity controlled by a foreign government or its representatives. Prohibits the Federal Communications Commission from waiving the application of such prohibition. Sets forth: (1) tests for determining foreign control; and (2) enforcement mechanisms, including revocation and reassignment.