National Commission to Eliminate Waste in Government Act of 2001

National Commission to Eliminate Waste in Government Act of 2001 - Establishes the National Commission to Eliminate Waste in Government to: (1) conduct a private sector survey on management and cost control in Government; (2) conduct in-depth reviews of executive agency operations; (3) review existing General Accounting Office, Congressional Budget Office, and various Inspector General offices' reports and other existing governmental and nongovernmental recommendations for reducing waste, including recommendations from the President's Private Sector Survey on Cost Control, and to periodically report to the President and Congress on such recommendations that are most significant, on the estimated savings from such recommendations, and on whether the recommendations can be implemented by executive order or require legislative action; and (4) submit to the President and Congress recommendations for improving the budget process and management and for reducing waste and costs.

Requires the Commission to be funded, staffed, and equipped by the private sector without cost to the Government.