Bioeconomy Research and Development Act of 2021 This bill directs the Office of Science and Technology Policy (OSTP) to implement a National Engineering Biology Research and Development Initiative to advance societal well-being, national security, sustainability, and economic productivity and competitiveness. Among other activities, the initiative must include sustained support for research centers, individual investigators, technologies, and training. The initiative shall include outreach to primarily undergraduate and minority-serving institutions about initiative opportunities, and shall encourage the development of research collaborations between research-intensive universities and such institutions. The OSTP shall designate an interagency committee to coordinate initiative activities as appropriate. The interagency committee shall submit triennial reports to Congress through FY2028 in support of the initiative. The National Science Foundation (NSF) shall seek to enter into an agreement with the National Academies of Sciences, Engineering, and Medicine to conduct a review of, and make recommendations with respect to, the ethical, legal, environmental, safety, security, and other appropriate societal issues related to engineering biology research and development. The NSF, National Institute of Standards and Technology, Department of Energy, Department of Defense, National Aeronautics and Space Administration (NASA), Department of Agriculture, and Department of Health and Human Services shall carry out related activities as part of the initiative.