Fairness for Texas Schools Act of 2011 - Repeals the requirement that the Secretary of Education deny Texas and its local educational agencies (LEAs) funds from the Education Jobs Fund until the state assures the Secretary that: (1) funds used to support elementary and secondary education shall be distributed based on the LEAs' relative shares of school improvement funds for the most recent fiscal year for which data are available; (2) such funds will not be used to supplant state formula funding that is distributed like school improvement funds; and (3) state funding for elementary and secondary education, as a percentage of the state's total revenue, will not be reduced through FY2013.