Employment Security Reform Act of 2001

Employment Security Reform Act of 2001 - Amends the Internal Revenue Code (IRC) to revise Federal Unemployment Tax Act (FUTA) employer excise tax rate requirements. Repeals the 0.2 surtax for calendar years after 2001. (Ends the current FUTA employer tax rate of 6.2 percent of total employee wages after 2001, and begins a 6.0 rate in 2002). Redefines a reduced rate as a rate of contributions of less than 5.4 percent. Authorizes the Secretary of the Treasury to disclose certain tax information for purposes of combined employment tax reporting. Requires quarterly payment of unemployment taxes.

Amends the Federal-State Extended Unemployment Compensation Act of 1970 to repeal certain State law extended benefit requirements.

Amends the Social Security Act (SSA) to revise provisions and formulas for administrative funding of State unemployment compensation, State systems of public employment offices, and veterans employment service programs; (2) provide an adjustment to the Federal Unemployment Account ceiling; and (3) repeal special rules for State appropriations and special conditions on recent distributions.

Revises SSA Unemployment Trust Fund and IRC FUTA provisions with respect to State use of compensating balances and interest earned on clearing an account to pay associated banking costs.

Provides for: (1) IRC treatment of short-time compensation programs; and (2) Federal disclosure, under SSA, of certain information in the National Directory of New Hires to assist in State administration of unemployment compensation programs.