Fiscal Accountability and Transparency in Infrastructure Spending Act of 2011 - Requires each executive agency to obtain a life-cycle cost analysis for each major infrastructure project prior to obligating funds. Defines "life-cycle cost analysis" as a process for evaluating the total economic worth of an infrastructure project by analyzing specified costs over a minimum 50-year period.
Authorizes the use of alternate infrastructure type bidding procedures for awarding contracts for projects on the National Highway System and for major infrastructure projects.
Requires the Secretary of Transportation to require states to utilize the Mechanistic-Empirical Pavement Design Guide (developed under the National Cooperative Highway Research Program Project I-37A) for the initial design phase of all authorized highway projects.