Fair Airline Industry Revenue Act of 2011 - Directs the Secretary of Homeland Security (DHS) to prescribe regulations to impose a fee on an air carrier that charges a fee for the first bag checked or the first bag carried on the aircraft by a passenger who purchases a ticket for air transportation for which at least one flight originates at a U.S. airport.
Limits the fee to: (1) $2 per passenger charged for the first checked or carried on bag, or (2) $260 million in the aggregate on all air carriers in a year. Requires such fees to be credited as offsetting collections to the Secretary for the Transportation Security Administration (TSA) for aviation security.
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