Fair Minimum Wage Act of 2001

Fair Minimum Wage Act of 2001 - Amends the Fair Labor Standards Act of 1938 to increase the Federal minimum wage to: (1) $5.75 an hour beginning 30 days after enactment of this Act; (2) $6.25 an hour during the year beginning on January 1, 2002; and (3) $6.65 an hour beginning January 1, 2003. Makes Federal minimum wage requirements applicable to the Commonwealth of the Northern Mariana Islands. Sets forth a transition period during which a specified minimum wage there shall be gradually increased to equal the Federal minimum wage.