Prompt Payment Improvement Act of 2007 - Requires: (1) the Director of the Office of Management and Budget to set forth in writing the prompt payment policy applicable to subcontractors under federal contracts; and (2) the head of each federal agency to provide a copy of such policy to each contractor and to require each contractor to provide a copy to each subcontractor. Directs each agency head to require contractors to include in each subcontract a clause containing: (1) the requirements and penalties relating to the timely payment obligations of the government and prime contractors; (2) the name and number of a senior employee with authority to resolve progress payment questions; and (3) the obligations of the Office of Small and Disadvantaged Business Utilization in assisting small business contractors and subcontractors in receiving prompt payments.
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