FEMA Act

Federal Emergency Management Advancement Act of 2007 or the FEMA Act - Reestablishes the Federal Emergency Management Agency (FEMA) as an independent establishment in the executive branch. Requires FEMA to be headed by a Director appointed by the President, with the advice and consent of the Senate. Designates the Director as the principal advisor to the President, the Homeland Security Council, and the Secretary of Homeland Security for all matters relating to emergency management in the United States. Directs the President to designate the Director to serve as a Cabinet member in the event of specified disasters.

Establishes as FEMA's primary mission to reduce the loss of life and property and protect the nation from all hazards, including natural and man-made disasters, through a risk-based, comprehensive emergency management system of preparedness, protection, response, recovery, and mitigation.

Prescribes the Director's responsibilities. Provides for 10 regional offices. Requires each Regional Administrator to: (1) establish a Regional Advisory Council; and (2) oversee multi-agency strike teams. Establishes a National Operations Center.

Requires the Director to: (1) establish Area Offices in appropriate Regional Offices; (2) defer to substantiating documentation submitted by states in determining the duration of a major disaster and in establishing the eligibility period for assistance; (3) establish and implement the voluntary private sector preparedness accreditation and certification program; (4) ensure that the National Response Plan provides for a clear chain of command to lead and coordinate the federal response to disasters; and (5) enter into a memorandum of understanding with specified individuals to collaborate on developing standards for deployment capabilities.

Transfers specified functions and personnel to FEMA. Authorizes the Director of the Office of Management and Budget (OMB) to make necessary determinations regarding such functions and incidental dispositions of personnel, assets, and property.