Repaying the American Taxpayer Act of 2011 - Amends the Emergency Economic Stabilization Act of 2008 (EESA) to require payment into the Treasury for reduction of the public debt of dividends on any share of preferred stock in a financial institution obtained and held by the Secretary of the Treasury in conjunction with financial assistance provided to the institution under EESA.
Requires the statutory limitation on the public debt to be reduced by the aggregate amount of such revenues and proceeds paid into the Treasury.
Directs the Special Inspector General to report to certain congressional committees on the disposition of such dividend payments.