A bill to authorize the Secretary of the Treasury to conduct a study of handgun bullets manufactured in or imported into the United States, to determine which bullets have the capacity to penetrate bulletproof vests commonly used by law enforcement officers.

Law Enforcement Officers' Protection Act of 1981 - Directs the Secretary of the Treasury to: (1) conduct a study to determine the capacity of handgun bullets to penetrate bulletproof vests and the risk posed to law enforcement officers by the availability of handgun bullets; and (2) report the findings and legislative recommendations to the President and Congress within one year after funds are made available under this Act. Authorizes appropriations to carry out this Act.