H.R.4098 - Federal Government - To revise the composition of the Board of Regents of the Smithsonian Institution so that all members are individuals appointed by the President from a list of nominees submitted by the leadership of the Congress, and for other purposes.

Smithsonian Modernization Act of 2007 - Revises provisions regarding the composition of the Board of Regents of the Smithsonian Institution by providing for the membership of the Regents to be composed of 21 members who shall be appointed by the President from among a list of nominees submitted by the Speaker of the House and the Majority Leader of the Senate.

Revises the number of Regents who shall constitute a quorum to do business.

Revises requirements for the terms of office for Regents. Permits Regents to be reappointed.