Regulation Audit Revive Economy Act of 2011 or the RARE Act of 2011 - Imposes a moratorium on federal agencies taking any regulatory rulemaking action beginning 30 days after the enactment of this Act and ending on the later of 14 days after the Director of the Office of Management and Budget (OMB) publishes a report on a review of rules, as defined by this Act, or 2 years after the enactment of this Act. Allows exceptions for rulemaking necessary because of an imminent threat to health or safety or other emergency, for the enforcement of criminal laws, or to establish or enforce statutory rights against discrimination.