Office of Manufacturing and Industrial Innovation Policy Act of 2021 This bill addresses the manufacturing capacity of the United States. The bill establishes the Office of Manufacturing and Industrial Innovation Policy, led by the Chief Manufacturing Officer, to serve as a source of manufacturing and industrial innovation analysis and judgment for the President with respect to the major policies, plans, and programs of the federal government. The office must establish a national strategic plan for manufacturing and industrial innovation that identifies critical needs to the manufacturing sector, including emergency readiness and resilience. Additionally, the bill establishes the President's Advisory Committee on Manufacturing and Industrial Innovation to promote regular communication between the federal government and the U.S. manufacturing sector. The Government Accountability Office must report on the efforts of the office along with recommendations for improvements. The bill also establishes the Federal Strategy and Coordinating Council on Manufacturing and Industrial Innovation within the executive branch to be chaired by the President to coordinate manufacturing and industrial innovation policy. Further, the bill establishes the Manufacturing and Industrial Innovation Policy Institute to assemble information relating to significant manufacturing and industrial development and trends in research and applications. Finally, the bill establishes the National Medal of Manufacturing and Industrial Innovation to be awarded for outstanding contributions to knowledge in manufacturing and industrial innovation.