Regulation Moratorium and Jobs Preservation Act of 2011 - Prohibits any federal agency from taking any significant regulatory action until the Bureau of Labor Statistics (BLS) reports a monthly unemployment rate equal to or less than 7.7%.
Defines as "significant" any regulatory action that is likely to: (1) have an annual effect on the economy of $100 million or more or adversely affect the economy, productivity, competition, jobs, the environment, public health or safety, small entities, or state, local, or tribal governments or communities; (2) create a serious inconsistency or otherwise interfere with another agency's action; (3) materially alter the budgetary impact of entitlements, grants, user fees, or loan programs or the rights and obligations of recipients thereof; or (4) raise novel legal or policy issues.
Authorizes the President to waive such prohibition if the President notifies Congress that a waiver is necessary on the basis of national security or a national emergency. Allows judicial review of all claims under this Act.