Financial Contract Netting Improvement Act of 2001

[AI summary unavailable — showing source text] Financial Contract Netting Improvement Act of 2001- Amends the Federal Deposit Insurance Act (FDIA) to redefine specified contracts, agreements, and transfers entered into with an insolvent insured depository institution prior to the appointment of a conservator or receiver. Retains the right to cause the acceleration of a qualified financial contract with an insured depository institution in receivership status. Retains the Federal Deposit Insurance Corporation (FDIC) right or power to transfer, disaffirm, or repudiate a qualified financial contract of a failed institution. Prohibits enforcement of a walkaway clause in a qualified financial contract of a failed insured depository institution. Revises guidelines pertaining to an insolvent insured depository institution and: (1) transfers of qualified financial contracts; and (2) the termination rights of counterparties to a qualified financial contract. Prescribes guidelines for: (1) the disaffirmance or repudiation of qualified financial contracts by the conservator or receiver for a failed depository institution; and (2) the treatment of a master agreement as a single agreement and a single qualified financial contract. Amends th…