Empowering Parents Act of 2001

Empowering Parents Act of 2001 - Enhancing Public Education Through Choice Act - Amends the Elementary and Secondary Education Act of 1965 (ESEA) to establish Public School Choice Programs. Directs the Secretary of Education to make competitive grants to State educational agencies (SEAs) and local educational agencies (LEAs), including those serving the lowest performing schools, to enable them to implement programs of universal public school choice. Gives priority to those SEAs and LEAs that: first, serve the lowest performing schools; second, serve the highest percentage of students in poverty; and third, form partnerships for interdistrict approaches to such programs.

Public Charter Schools Equity Act - Amends ESEA to establish a program for Public Charter School Loan Guarantees. Directs the Secretary to provide loan guarantees (for 90 percent of loan principal and interset) to lending institutions on behalf of eligible public charter schools to guarantee payment of loans made by the lending institutions for school startup costs, including the costs of capital projects.

Amends the Internal Revenue Code to exclude from gross income any interest paid on loans by public charter schools.

Amends ESEA to establish a program of Grants for Public Charter School Facilities. Directs the Secretary to make competitive grants to States for the Federal share of the cost of programs in which the States make per-pupil payments to public charter schools to help finance school facilities.