Strategic Stockpile Reform Act of 1981

Strategic Stockpile Reform Act of 1981 - Title I: Amendments to the Strategic and Critical Materials Stock Piling Act; Related Amendments - Amends the Strategic and Critical Materials Stock Piling Act to establish an independent agency known as the Strategic Stockpile Commission to develop policy for and manage the National Defense Stockpile.

Transfers the authority of the Commission to the President upon a declaration of war or national defense emergency.

Requires the Commission, in addition to the functions formerly performed by the President under the Strategic and Critical Materials Stock Piling Act, to insure that materials are maintained in suitable condition. Permits the Commission to administer the sale of materials in foreign countries and dispose of such materials as the Commission considers appropriate. Permits the release of materials whose supply is severely interrupted or restricted and the disposition of materials so long as the quantities of such materials in the Stockpile remain at the necessary minimum.

Title II: Amendments to the Defense Production Act - Amends the Defense Production Act of 1950 to make conforming amendments and to authorize the Commission to guarantee loans to expedite production and deliveries or services under Government contracts entered into by the Commission in the management of the Stockpile. Requires the Commission to give the appropriate committees of Congress 60 days notice of such loans without either House adopting a resolution of disapproval before such loans become final.

Title III: Miscellaneous, Technical, and Conforming Amendments - Makes technical and conforming amendments to the Strategic and Critical Materials Stock Piling Act.

Title IV: Transfer, Savings, and Personnel Provisions - Transfers to the Strategic Stockpile Commission all functions of the President under the Strategic and Critical Materials Stock Piling Act being administered by the Federal Emergency Management Agency or the General Services Administration. Permits the President to transfer to the Commission any other related functions. Substitutes the Commission where relevant in proceedings pending at the time of enactment.

Title V: Interim Actions; Interim Funding; Effective Date - Authorizes appropriations from the National Defense Stockpile Transaction Fund.