Congressional Office of Regulatory Analysis Creation and Sunset and Review Act of 2011 - Establishes a Congressional Office of Regulatory Analysis. Transfers to the Director of such Office the Comptroller General's responsibilities for the congressional review of agency rules. Requires the Director's report on a major rule to include an analysis of the rule, including potential benefits and costs and an analysis of less costly alternatives. Requires the Office to: (1) conduct an assessment and analysis of any non-major rule upon request by a congressional committee or Member; and (2) issue an annual report including estimates of the total costs and benefits of all existing federal regulations.
Amends the Unfunded Mandates Reform Act of 1995 to transfer to the Director the responsibilities of the Director of the Congressional Budget Office (CBO) to: (1) compare agency and CBO estimates of costs of regulations implementing an Act containing a federal mandate; and (2) receive agency statements to accompany significant regulatory actions.
Sets forth requirements for agencies to review their significant rules to determine whether they should be continued without change, modified, consolidated with another rule, or terminated (sunset review). Defines a "significant rule" as one that the Administrator of the Office of Information and Regulatory Affairs of the Office of Management and Budget (OMB) determines: (1) results in an annual effect on the economy of $100 million or more; (2) is a major rule; or (3) was issued pursuant to a significant regulatory action. Provides for the sunset review of a rule that is not a significant rule upon petition by a person adversely affected or at the request of a congressional committee or a majority of the majority or non-majority party members of such a committee.
Requires the Administrator to: (1) inventory existing rules; (2) publish a list of covered rules and deadlines for their sunset review within seven years; (3) prioritize rules for review based on specified criteria, including the rule's cost to those regulated and the burden of reviewing it; (4) group related rules for simultaneous review; (5) provide guidance to agencies on conducting sunset reviews; and (6) provide feedback to agencies on sunset reviews and results. Requires new significant rules to be reviewed within three years after taking effect.
Requires each agency to: (1) designate a Regulatory Review Officer; (2) conduct a sunset review of its significant rules; (3) publish a sunset review notice, consider public comments, and issue a preliminary report; and (4) issue a final report recommending that a rule be continued without change or that it be changed or discontinued, in which case the agency shall conduct a rulemaking to modify, consolidate, or terminate such rule.