Closing Regulatory Loopholes Act of 2011 - Requires federal agency guidance documents and major guidance documents to be submitted for congressional review prior to implementation. Defines: (1) "guidance document" as an agency statement of general applicability and future effect that sets forth a policy on a statutory, regulatory, or technical issue or an interpretation of a statutory or regulatory issue; and (2) "major guidance document" as a guidance document that has resulted in or is likely to result in an annual effect on the economy of $100 million or more, a major increase in costs or prices, or a significant adverse effect on competition, employment, investment, productivity, or innovation.