Economic Fairness for Seniors Act

Economic Fairness for Seniors Act - Amends title XVIII (Medicare) of the Social Security Act (SSA) to keep the same Medicare part B premium for 2010 that was in effect for 2009.

Amends the American Recovery and Reinvestment Tax Act of 2009 (ARRA) to require an additional economic recovery payment (of $250) in calendar 2010 to certain beneficiaries of SSA title II (Old-Age, Survivors, and Disability Insurance) (OASDI), railroad retirement, or veterans benefits. Makes appropriations to fund such payments.

Directs the Bureau of Labor Statistics (BLS) of the Department of Labor to study and report to Congress on: (1) whether a consumer price index for elderly consumers (CPI-E) more accurately reflects the true costs of inflation for elderly Americans than the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W); and (2) if the elderly are being financially disadvantged by the use of the CPI-W in the determination of current benefit levels. Requires the BLS to prepare such a CPI-E if elderly Americans are disadvantaged by the CPI-W.

Amends the Emergency Economic Stabilization Act of 2008 (EESA) to offset the expenses of this Act through a reduction in Troubled Asset Relief Program (TARP) Funds.