Federal Emergency Procurement Flexibility Act of 2001

Federal Emergency Procurement Flexibility Act of 2001 - Amends the Office of Federal Procurement Policy Act to revise the definition of "simplified acquisition threshold" to mean $100,000 (currently) or an amount equal to five times such amount in cases of contracts to be awarded and performed, or purchases to be made, in support of military operations for the provision of humanitarian or foreign disaster assistance or for peacekeeping or contingency operations.

Deems the micro-purchase threshold with respect to procurements of property and services by or for executive agencies for use to facilitate the defense against terrorism or a nuclear, biological, chemical, or radiological attack against the United States or a technological attack against a national security system (NBCRT attack) to be $25,000 during FY 2002 and 2003 (currently $2,500).

Permits executive agencies to apply to the procurement of property and services during FY 2002 and 2003 for such purposes specified provisions of law relating to the procurement of commercial items, including special simplified acquisition procedures, without regard to: (1) whether the property and services are commercial items; or (2) the $5 million limitation on the use of such procedures.

Requires executive agencies to use streamlined acquisition authorities and procedures for acquisitions during FY 2002 and 2003 of property and services that would facilitate the defense against terrorism or NBCRT attack.

Allows executive agencies to engage in necessary basic, applied, and advanced research and development projects that have the potential to facilitate defense against terrorism or NBCRT attack and to carry out prototype projects that meet such requirements.

Directs executive agencies to conduct market research to identify the capabilities, including those of small businesses and new Federal contractors, that are available in the marketplace in furtherance of defense against terrorism or such an attack.