Federal Judicial Fairness Act of 2001 - Repeals a Federal provision limiting salary increases for Federal judges or Supreme Court Justices to those specifically authorized by Act of Congress.

Amends the Federal judicial code to make the cost of living adjustments in judicial salaries effective in the first pay period beginning on or after January 1 each year (currently, such adjustments are triggered by General Schedule adjustments). Prohibits the percentage adjustment taking effect in a calendar year, in any salary rate, from exceeding that adjustment taking effect in such year under General Schedule pay rate provisions.

Increases the rate of basic pay for: (1) the Chief Justice of the United States; (2) an Associate Justice of the U.S. Supreme Court; (3) a judge of a U.S. circuit court, a district court, and the U.S. Court of International Trade; (4) a bankruptcy judge; and (5) a full-time magistrate judge.