Truthfulness, Responsibility, and Accountability in Contracting Act of 2001

Truthfulness, Responsibility, and Accountability in Contracting Act of 2001 - Requires the head of each Federal agency to submit to the Director of the Office of Management and Budget specified certifications, including that the agency has established a centralized reporting system, is not managing Federal employees by any arbitrary limitations, and is reviewing work performed by contractors, re-competing or contracting in work when appropriate, and subjecting to public-private competition an approximate number of Federal employee and contractor positions.

Sets forth provisions regarding public availability of certifications and the suspension of contracting for services pending satisfaction of the certification requirement. Allows the Director to waive the applicability of this Act to a contract for services where necessary in the interest of national security, extraordinary economic harm, or patient care.

Requires any agency: (1) decision to privatize, outsource, or contract in or out for the performance of a function, after expiration of the prohibition enacted by this Act, to be based on the results of a public-private competition process meeting specified requirements; and (2) either to conduct a new public-private competition or to convert a function to performance by Federal employees if contracting out costs exceed costs of performance by Federal employees or contracting out fails to meet quality control standards.

Directs the Secretary of Labor to survey and report on the wages and quantifiable benefits provided by contractors to non-Federal personnel working under contract.