S.950 - Federal Government - A bill to develop and maintain an integrated system of coastal and ocean observations for the Nation's coasts, oceans, and Great Lakes, to improve warnings of tsunami, hurricanes, El Nino events, and other natural hazards, to enhance homeland security, to support maritime operations, to improve management of coastal and marine resources, and for other purposes.

Coastal and Ocean Observation System Act of 2007 - (Sec. 4) Directs the President, acting through the National Ocean Research Leadership Council, to establish and maintain an integrated system of coastal and ocean observations, data communication and management, analysis, modeling, research, education, and outreach for the timely detection and prediction of changes occurring in the ocean, coastal, and Great Lakes environments that impact the nation's social, economic, and ecological systems. Includes in the system a national program, a network of regional associations, data management, communication, and modeling systems, a research and development program, and a coordinated outreach, education, and training program. Makes the Council the oversight body for all aspects of the observing system.

Requires the Council to establish an Interagency Ocean Observation Committee to plan and coordinate system implementation. Establishes the Interagency Program Coordinating Office located in, but not an office of, the Department of Commerce, to facilitate the Interagency Ocean Observation Committee's responsibilities for system implementation, budgeting, and administration.

Requires the National Oceanic and Atmospheric Administration (NOAA) to provide leadership for system implementation and administration, requiring it to establish an Integrated Ocean Observing Program Office.

Requires establishment of a process for the certification of regional associations to be responsible for the development and operation of regional coastal and ocean observing systems.

(Sec. 5) Requires NOAA to formulate a process by which funding is made available for intramural and extramural research on new technologies for collecting data on U.S. coastal and ocean waters.

(Sec. 6) Authorizes departments and agencies represented on the Council to participate in interagency financing and to share funds appropriated to any Council member.

(Sec. 8) Authorizes appropriations.

(Sec. 10) Requires a biennial report to Congress on the implementation of this Act.