Fairness to Veterans Act of 2011 - Requires the head of a federal department or agency, in evaluating any bid or proposal relating to a federal contract, to provide to a veteran or veteran-owned business any race- or gender-based preference that any individual or business is eligible for, if that preference takes into consideration race or gender, without regard to whether the veteran or veteran-owned business would otherwise qualify for that preference. Requires the head of a state or local government to provide the same preference in the case of a state or local contract that involves the use of federal funding.