Campaign Finance Improvement Act of 2001

[AI summary unavailable — showing source text] Campaign Finance Improvement Act of 2001 - Amends the Federal Election Campaign Act of 1971 (FECA), as amended by the Department of Transportation and Related Agencies Act, 2001, to require the Federal Election Commission (FEC) to: (1) require each political committee which receives a contribution of $200 or more to report it to the FEC; (2) require at least 50 percent of contributions accepted by candidates for the House of Representatives or the Senate to come from in-State residents; (3) require the principal campaign committees of such candidates to report to the FEC the total contributions received from in-State residents; (4) waive the "best efforts" exception and require the identification of any person who makes a contribution or contributions aggregating more than $200 annually; (5) lower the aggregate limit on U.S. and foreign cash contributions; (6) outline requirements for the treatment of contributions made by dependent minors; (7) redefine foreign national to include any individual who is not a U.S. citizen, regardless of whether admitted to the United States lawfully; and (8) require disclosure by a political committee of a national political party of all funds trans…