Federal Inmate Work Act of 2001 - Amends the Federal criminal code to direct the Attorney General to establish a Foreign Labor Substitute Panel to review and approve proposals for pilot projects under which private companies shall use Federal inmate labor to manufacture, produce, or mine products that would otherwise be produced by foreign labor.

Rewrites code provisions regarding Federal Prison Industries (FPI) to: (1) specify the mission of FPI (to carry out industrial operations using eligible inmate workers); (2) expand the FPI Board of Directors; and (3) set forth FPI operating objectives (including to increase public safety by reducing the recidivism rate), performance standards (e.g., carrying out its operations in compliance with United Nations, Federal, and specified other standards), and other requirements (such as contributing not less than 20 percent of net profits to provide vocational training).

Authorizes FPI to: (1) sell products and services to government agencies and not-for-profit organizations; (2) make available inmate workers for participation in certain pilot projects designated by the Director of the Bureau of Justice Assistance; and (3) donate products and services.

Directs FPI to: (1) establish business partnerships with organizations representing domestic workers who are blind or severely disabled; and (2) publish and maintain a catalog of all products and services that it offers for sale to government agencies and not-for-profit organizations.

Provides for a phased elimination of mandatory source purchase requirements.

Directs the Comptroller General to provide for an independent evaluation of FPI operations.