H.R.3492: To amend the Federal Election Campaign Act of 1971 to increase the limits on the amount of contributions that may be made to political committees and to provide for the indexing of such limits for all contributions made under the Act, and for other purposes.

PAC Fairness Act of 2007 - Amends the Federal Election Campaign Act of 1971 to: (1) increase contribution limits for certain political committees, including multicandidate committees; (2) extend indexing of contribution limits for certain kinds of political committees to all political committees covered by the Act; and (3) revise requirements for the period of increase for contribution limitations, determination of the base year, permitted contribution-related communications between corporations and labor organizations and their members, and permitted contribution-related solicitations by trade associations.