Regulatory Review Act of 2011 - Requires the head of each federal agency to conduct a periodic review (every 10 years) of any rule issued by such agency that is determined to be a major rule and that takes effect during the period beginning on January 1, 2011, to identify: (1) the costs and benefits of such rule, (2) each amendment to such rule that would accomplish the same statutory objectives but result in different costs and benefits, and (3) the costs and benefits of repealing the rule. Requires the agency to publish the results of such review, submit a summary of the results to Congress, and make a final determination on whether the rule should be amended, continued in effect, or repealed, after providing an opportunity for comment by interested persons.
Defines "major rule" as a rule that has resulted in or is likely to result in: (1) an annual effect on the economy of $100 million or more; (2) a major increase in costs or prices for consumers, individual industries, federal, state, or local government agencies, or geographic regions; or (3) significant adverse effects on competition, employment, investment, productivity, innovation, or on the ability of U.S.-based enterprises to compete with foreign-based enterprises in domestic and export markets.