Rural Broadband Initiative Act of 2007 - Amends the Rural Electrification Act of 1936 to establish in the Department of Agriculture the Office of Rural Broadband Initiatives, to be headed by the Under Secretary for Rural Broadband Initiatives.
States that the Under Secretary shall: (1) administer all rural broadband-related grant and loan programs previously administered by the Administrator of the Rural Utilities Service, including the rural broadband access loan and loan guarantee program and the community connect grant program; (2) conduct rural outreach; (3) foster development of a comprehensive rural broadband strategic vision; (4) assess relevant technologies; (5) serve as a single information source for all federal rural broadband programs and services; and (6) provide technical assistance to state, regional, and local governments to develop broadband deployment strategies.
Directs the Under Secretary to submit: (1) to the President and to Congress a comprehensive rural broadband strategy report; and (2) to Congress a plan for a Rural Broadband Advisory Panel.
Establishes in the Treasury the National Rural Broadband Innovation Fund.