Egyptian Counterterrorism and Political Reform Act - Prohibits military assistance to Egypt beginning in FY2008 unless the President determines and certifies to Congress that it is in the national security interests to provide assistance for a given fiscal year.
Expresses the sense of Congress that: (1) funds that would have been provided for military assistance should be given in the form of economic support fund assistance and not used by the armed forces of Egypt; (2) the President should certify the establishment of procedures to ensure access by the Comptroller General to appropriate financial information in order to review the use of these funds; and (3) the agreement among the United States, Egypt, and Israel to decrease the overall amount of U.S. foreign assistance for both countries should continue.