Significant Regulation Oversight Act of 2001

Significant Regulation Oversight Act of 2001 - Prohibits a significant rule from taking effect before the enactment of a joint resolution described in this Act comprising solely of the text of such rule. Calls for congressional reporting and review of significant rules before they take effect as final rules.

Provides that, if Congress fails to enact a joint resolution approving the proposed rule, no court or agency may infer any intent of Congress from any action or inaction with regard to such rule or any related statute.

Sets forth: (1) the congressional approval procedure for significant rules; and (2) provisions with respect to revising or revoking an existing rule.

Exempts from this Act rules concerning monetary policy proposed or implemented by the Board of Governors of the Federal Reserve System or the Federal Open Market Committee.