Stop the Regulation Invasion Please Act of 2011 or STRIP Act of 2011 - Imposes a moratorium on federal agencies taking any regulatory rulemaking action beginning on the day after the enactment of this Act and ending on the later of the date that is: (1) 14 days after the Director of the Office of Management and Budget (OMB) publishes a report on a review of rules, or (2) 2 years after the enactment of this Act.
Requires the OMB Director to: (1) conduct a review of each rule that became effective after October 1, 1991, and that is in effect as of the enactment date of this Act, and (2) report on the estimated total annual costs and benefits of each rule and recommend whether it should continue or how it should be reformed. Repeals all such rules one year after the enactment of this Act unless specifically authorized by law and enacted after the date of enactment of this Act.
Sets forth exceptions for certain rulemaking actions and rules, including those necessary because of an imminent threat to health or safety or other emergency, for the enforcement of criminal laws, or to establish or enforce statutory rights against discrimination.
Requires each federal agency head to designate a Regulatory Review Officer to testify before Congress on any request to prevent the repeal of a rule under this Act.