Office of Homeland Security Act of 2001

Office of Homeland Security Act of 2001 - Establishes the Office of Homeland Security within the Executive Office of the President. Requires the Director of the Office to: (1) create a national strategy for homeland security, to include all aspects of prevention and response to terrorist activities; (2) develop a national budget for homeland security; (3) review Federal activities to insure effective implementation of such strategy; (4) coordinate Federal homeland security activities to remove duplication and gaps; (5) certify Federal agency counterterrorism budgets; (6) direct development of a comprehensive national assessment of the threat to homeland security; (7) oversee interagency information sharing; and (8) establish a center within the Office to disseminate information learned from homeland security exercises.

Establishes a Homeland Security Advisory Council to advise the President and Director on the creation and implementation of the national strategy, and the Director on the operation of the Office.

Requires the Director to review additional legal authorities needed to prevent and respond effectively to terrorist threats, including the role of the Department of Defense and the imposition of regulations on civilian populations and private entities during a state of emergency.