Small Business Regulatory Freedom Act of 2011

Small Business Regulatory Freedom Act of 2011 - Amends the Regulatory Flexibility Act (RFA) to revise the regulatory process (rulemaking) with respect to small entities (i.e., small businesses, small organizations, and small governmental jurisdictions).

Defines "economic impact" with respect to a proposed or final rule to mean: (1) any direct economic effect of a rule on small entities, and (2) any indirect economic effect on such entities, including potential job creation or job loss.

Expands judicial review of agency rulemaking to permit small entities to seek judicial review of initial regulatory flexibility analyses and to obtain an injunction of a proposed rule that is noncompliant with RFA requirements.

Requires each agency to establish a plan for the periodic review (every eight years) of: (1) its rules that have a significant adverse economic impact on small entities, and (2) any small entity compliance guide required to be published by an agency. Sets forth criteria for review of a rule, including the continued need for the rule, the complexity of the rule, and the impact of the rule on small entities. Terminates any rule if the issuing agency has failed to complete a required periodic review.

Expands to all agencies the procedures for gathering comments on rules that will have a significant economic impact on small entities.

Extends RFA requirements to informal agency guidance documents.

Amends the Small Business Regulatory Enforcement Fairness Act of 1996 to require each agency to review on a periodic basis its policies or programs for imposing regulatory penalties on small entities.

Imposes certain additional requirements on agencies prior to the issuance of a final rule, including requirements for: (1) publication of an initial regulatory flexibility analysis, (2) a determination of the average cost of a rule for affected small entities and the number of small entities affected or reasonably presumed to be affected, and (3) consultation with the Chief Counsel for Advocacy for the Small Business Administration (SBA). Requires the Chief Counsel for Advocacy of the SBA to be an attorney with business experience and expertise in or knowledge of the regulatory process.