Living American Wage (LAW) Act of 2007- Expresses the sense of Congress that: (1) the federal minimum wage should, as a minimum, be adjusted every four years so that a person working for it may earn an annual income at least 5% higher than the federal poverty threshold for a family of three; (2) it should be set at a level high enough to allow two full-time minimum wage workers to earn an income above the national housing wage; and (3) Congress or any of the several states may establish a higher minimum wage requirement than that established in this Act.
Amends the Fair Labor Standards Act of 1938 to increase the federal minimum wage to at least the amount determined by the Secretary of Labor according to the formula prescribed by this Act beginning September 1, 2008.
Requires the Secretary to determine such minimum wage rate by June 1, 2008, and once every four years thereafter. Prohibits any adjustment if the determination results in a minimum wage lower than the current one.
Requires the minimum wage so determined to be the minimum hourly wage sufficient for a person working for it 40 hours per week, 52 weeks per year, to earn an annual income 5% percent higher than the federal poverty threshold for a three-person household, with one person a child under age 18, and living in the 48 contiguous states, as published for each such year by the Census Bureau.