Common Sense Federal Election Reform Act of 2001

Common Sense Federal Election Reform Act of 2001 - Amends the Federal Election Campaign Act of 1971 (FECA) to: (1) provide for raised individual contribution limits with respect to one senatorial candidate in response to expenditures from personal funds beyond a specified threshold amount by an opposing candidate; (2) increase contribution limits; (3) limit soft money donations to political parties; (4) increase disclosure for certain communications; and (5) ban, with certain exceptions, the use of union dues for purposes unrelated to collective bargaining.

Amends the Federal criminal code to prohibit specified political donations to congressional campaigns and solicitation (fundraising) of such donations on Federal property.

Makes it unlawful for any person to make a contribution to a candidate for nomination for election to, or election to, a Federal office, an individual who is a holder of a Federal office, or the head of any executive department, or any entity established on behalf of any such individual, to defray the individual's legal expenses: (1) to the extent it would result in the aggregate amount of such contributions from such person to, or on behalf of, such individual to exceed $10,000 for any calendar year; or (2) if the person is a foreign national or a person prohibited from contributing to the campaign of a candidate under FECA.

Amends FECA to provide for increased criminal penalties for violations of foreign national prohibitions and contributions in the name of another.

Increases from six years to eight years the terms for Federal Election Commission Commissioners.