Foster Youth Financial Security Act of 2011 - Amends part E (Foster Care and Adoption Assistance) of the Social Security Act, with respect to the John H. Chafee Foster Care Independence Program, to: (1) require states to take certain additional steps to assist children in foster care in making the transition to independent living, such as providing credit reports and helping a child age 14 or older obtain a driver's license; (2) establish individual development accounts and custodial accounts; (3) require state evaluations of specific services provided to assist the transition to independent living; (4) eliminate the use of a Social Security number as an identifier for a foster child; and (5) authorize additional appropriations to enable states to take such additional steps.
Directs the Commissioner of Internal Revenue to develop a process for the assignment of alternative taxpayer identification numbers for foster children for use in tax returns in a manner similar to those used in the case of adopted children.
Directs the Secretary of Health and Human Services (HHS), on request, to provide the state agency with technical assistance in carrying out this Act. Authorizes the Secretary to award grants to and enter into contracts with qualified nonprofit or other community-based service providers with substantive expertise to provide the assistance.