Children's Hospitals Education Equity Act - Amends the Public Health Service Act to revise the definition of "children's hospital" for purposes of payments associated with operating approved graduate medical residency training programs to include a freestanding psychiatric hospital: (1) with 90% or more inpatients under the age of 18; (2) that has its own Medicare provider number as of December 6, 1999; and (3) that has an accredited residency program.