Children's Hospitals Education Equity and Research (CHEER) Act of 2005 - Amends the Public Health Service Act to require the Secretary of Health and Human Services to make payments through FY 2010 (currently, through FY 2005) to children's hospitals for expenses associated with operating approved graduate medical residency training programs.
Excludes reductions for unused resident positions when calculating the number of full-time residents in a children's hospital's approved training program for purposes of reimbursing direct expenses.
Requires the Secretary to adjust the proportion of such a hospital's costs attributable to wages for differences in hospital wage levels by geographic area.
Authorizes appropriations through FY 2010 for direct and indirect expenses associated with operating such programs.
Requires that funds appropriated for such programs for a fiscal year remain available for obligation through the end of the succeeding fiscal year.
Limits the ability to recoup funds unless a demand for recoupment is made by the end of the fiscal year.
Sets forth an appeals procedure and limitations on retroactivity for decisions affecting the amount of payments to a hospital for such programs.