Promoting Fully Informed Investment Decision Making Act of 2007

Promoting Fully Informed Investment Decision Making Act of 2007 - Directs the Securities and Exchange Commission (SEC) to: (1) report to Congress on business activities carried out with state sponsors of terrorism; and (2) issue regulations to require disclosure by all persons required to make filings under the Securities Exchange Act of 1934 regarding any business activity of more than $20 million in or with a country that is a state sponsor of terrorism, or an instrumentality of such country.

Instructs the Comptroller General to report to Congress on: (1) the completeness of the SEC report; (2) the names of such persons included in each of the major investable financial market indices and the holdings of the Federal Thrift Savings Plan; and (3) the nature of the activities concerned, and the value of U.S. government active contracting with such persons for the procurement of goods or services.

Expresses the sense of Congress that the U.S. Trade Representative, the Chairman of the SEC, the Secretary of State, and other relevant representatives of the U.S. government should encourage U.S. allies to implement disclosure standards similar to those required by this Act for the securities exchanges of those countries.

Amends the Investment Company Act of 1940 to prohibit civil, criminal, or administrative action against any registered investment company based solely upon its divesting from, or avoiding investing in, securities issued by persons that have business ties to a state sponsor of terrorism.