Saving Fishing Jobs Act of 2011 - Amends the Magnuson-Stevens Fishery Conservation and Management Act, with respect to multispecies fishing permits in the Gulf of Mexico, to remove a provision limiting the eligible signers (a group of fishermen constituting more than 50% of the permit holders, or holding more than 50% of the allocation in the fishery) of a petition to the Secretary of Commerce requesting that the relevant Regional Fishery Management Council or Councils be authorized to initiate the development of a limited access privilege program to only those participants who have substantially fished the species proposed to be included in the program.
Sets forth procedures for: (1) certifying a fishery management plan (or amendment) requested by a percentage of eligible fisherman to establish a limited access privilege program to harvest in fisheries under the authority of the New England, Mid-Atlantic, South Atlantic, or Gulf of Mexico Fishery Management Council; (2) terminating such a program established after enactment of this Act for a fishery under the authority of such Councils on the first date the number of eligible fishermen in the fishery in a year is at least 15% less than in the year preceding the program's establishment; and (3) collecting fees, including observer costs, pursuant to modified fee-setting requirements for such programs.