Public Transportation and Rail Security Assistance Act of 2007

Public Transportation and Rail Security Assistance Act of 2007 - Requires the public transportation security assessment (a risk assessment of a public transportation system conducted pursuant to specified provisions of the Safe, Accountable, Flexible, Efficient Transportation Equity Act: A Legacy for Users) of each public transportation system to identify: (1) the critical assets of the public transportation system; (2) threats to those assets; (3) security weaknesses in the public transportation system; (4) redundant and backup systems required in the event of an incident; and (5) the extent to which public transportation employees have received training in security awareness and emergency response procedures. Requires a public transportation agency that receives an assessment to develop a prioritized plan of needed capital and operational security improvements.

Requires the Secretary of Transportation to develop: (1) a national public transportation security needs assessment (national assessment) to determine the costs of needed capital and operational security improvements for each system; and (2) a security plan for U.S. railroads.

Makes grants to eligible public transportation agencies for certain capital security improvements and operational security improvements.

Requires the Secretary of Homeland Security to provide notification of all credible terrorist threats against public transportation assets in the United States.

Directs the Secretary of Transportation to develop and issue guidelines for a public transportation employee security training program. Requires a public transportation agency that receives a public transportation security assessment to develop, and submit for the Secretary of Transportation's approval, an employee training program in accordance with such guidelines.

Makes grants to private operators of over-the-road buses for certain system-wide security improvements to their operations. Requires the Secretary of Transportation to submit to Congress a preliminary report that includes an assessment of the over-the-road bus security grant program.

Allows a rail carrier, a rail shipper, or railroad contractor or railroad labor organization to report a security vulnerability, cargo information, security plan, or security training program to specified individuals.