Foreign Aid Lessons for Domestic Economic Assistance Act of 2007

Foreign Aid Lessons for Domestic Economic Assistance Act of 2007 - Directs the Secretary of Commerce to establish and implement the Native American Millennium Challenge Demonstration Project through which federal economic development assistance may be provided for certain Native American communities.

Authorizes the Secretary to provide such assistance to consortia of Alaska Native nonprofit organizations, Native Hawaiian community organizations, and other Indian tribes that enter into Native American Challenge Compacts. Requires such Compacts to establish a multiyear plan for achieving certain development objectives, including promoting economic growth and the elimination of poverty, strengthening good governance, entrepreneurship, and investment in Native American communities, and building the capacity of Native people to deal with rapid change and uncertainty due to climate change.