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 psychiatric hospital that has, continuously since enactment of this Act, met the following criteria: (1) the hospital is excluded from the Medicare inpatient prospective payment system, (2) the hospital has 90% or more inpatients under the age of 18, (3) the hospital has a Medicare payment agreement, and (4) the hospital has an accredited residency program.