Regulatory Sunset and Review Act of 2011 - Requires federal agencies to review their covered rules and modify, consolidate, or terminate such rules on a periodic basis. Defines "covered rule" to include a significant rule that is likely to result in an annual effect on the economy of $100 million or more or any other rule designated by an agency for sunset review.
Allows a person adversely affected by a rule that is not a significant rule to submit a petition for sunset review of such rule. Provides for sunset review of a rule upon the request of a congressional committee or a majority of the members of such committee.
Requires the Administrator of the Office of Information and Regulatory Affairs of the Office of Management and Budget (OMB) to: (1) conduct an inventory of existing rules and deadlines for their sunset review; (2) prioritize rules for sunset review based on specified criteria, including the cost of the rule and the burden of reviewing it; (3) group related rules for simultaneous review; (4) provide guidance to agencies for conducting sunset reviews; and (5) provide feedback to agencies on sunset reviews and results. Requires a new significant rule to be reviewed: (1) within three years after taking effect, or (2) within seven years after taking effect if the rule is issued pursuant to negotiated rulemaking procedures or if compliance with the rule requires substantial capital investment.
Requires each federal agency to designate a Regulatory Review Officer with responsibility for implementation of this Act.
Provides for judicial review of a denial or delay in granting or denying a petition for sunset review of a rule.