S.740 - Federal Government - A bill to establish in the Department of Commerce an Under Secretary for United States Direct Investment, and for other purposes.

Invest USA Act of 2007 - Establishes in the Department of Commerce a United States Direct Investment Administration, headed by an Under Secretary of Commerce for United States Direct Investment.

Requires the Under Secretary to collect, analyze, and report annually to the President and the appropriate congressional committees: (1) on specified data about direct investment in each state and region; and (2) an agenda based on such data and analysis.

Requires the President to establish, and the Under Secretary to assume lead responsibility for, an Interagency United States Direct Investment Promotion Committee.

Amends the Internal Revenue Code (relating to designation of renewal communities) to authorize the Under Secretary to designate an additional 10 nominated areas as renewal communities.