Smarter Funding for All of America's Homeland Security Act of 2007

Smarter Funding for All of America's Homeland Security Act of 2007 - Amends the Homeland Security Act of 2002 to direct the Secretary of Homeland Security to establish a State and Regional First Responder Grant Program under which the Secretary may make grants to states and eligible regional entities on the basis of the threat to a state or region's population and critical infrastructure, as determined by the Under Secretary for Information Analysis and Infrastructure Protection.

Requires the Secretary, acting through the Under Secretary, to evaluate and prioritize grant applications, considering factors such as threats to the population, specific economic sectors, major communications nodes and transportation systems, specific elements of the food supply, the water and energy supplies, civic infrastructure and emergency response capabilities, and specific structures of symbolic national importance.

Bars the use of grant funds to supplant state or local funds that would otherwise be available for homeland security or first responder projects.

Directs the Secretary to: (1) establish the Advisory Council on First Responders, which shall report to the Secretary through the head of the Office of State and Local Government Coordination; and (2) revise the Homeland Security Advisory System to require that any designation of a threat level or other warning be accompanied by a designation of the geographic regions and economic sectors to which it applies.

Directs the Under Secretary for Science and Technology to conduct a study of whether there is a need to assign additional bands of frequencies of electromagnetic spectrum to assist first responders.