Regulation Moratorium and Jobs Preservation Act of 2011 - Prohibits any federal agency from taking any significant regulatory action until the Bureau of Labor Statistics (BLS) reports a monthly unemployment rate equal to or less than 7.7%. Defines as "significant" any regulatory action that is likely to:
Authorizes the President to waive such prohibition if the President notifies Congress that a waiver is necessary on the basis of national security or a national emergency. Allows judicial review of all claims under this Act.