STEAM (Stripping the E-Prescribe Arbitrary Mandates) Act of 2011 - Amends title XVIII (Medicare) of the Social Security Act with respect to Medicare payments for physicians' services to: (1) repeal administrative penalties (payment adjustments) for eligible professionals who are not successful electronic prescribers, (2) remove e-prescribing as an element for demonstrating meaningful use of certified electronic health record (EHR) technology, and (3) exclude e-prescribing from shared savings program reporting requirements.