Regulatory Flexibility Improvements Act of 2011

Sponsor: LAMAR SMITH (R-TX)

Regulatory Flexibility Improvements Act of 2011 - Amends the Regulatory Flexibility Act of 1980 (RFA) to: (1) define the "economic impact" of a proposed or final rule to include both direct economic effects on small entities and any indirect economic effects which are reasonably foreseeable and result from such proposed or final rule, and (2) include tribal organizations within the definition of "small governmental jurisdictions" for purposes of such Act. Requires initial and final regulatory flexibility analyses under RFA to: (1) describe alternatives to a proposed rule that minimize any adverse significant economic impact or maximize the beneficial significant economic impact on small entities, and (2) include revisions or amendments to a land management plan developed by the Secretary of Agriculture or the Secretary of the Interior under specified Acts. Requires the Internal Revenue Service (IRS) to comply with RFA requirements when codifying a regulation in the Code of Federal Regulations that imposes a collection-of-information or recordkeeping requirement.

Commerce Topic assigned by the Congressional Research Service.