The 2007-2008 Session Commerce Committee handled all typical topics addressed by the Commerce Committee, however, they also addressed some issues specific to this session. For example, at the forefront of the Committee's concerns were the mortgage problems which the entire nation faced during this time. The Committee dealt with a package of six bills (House Bills 1079, 1080, 1081, 1082, 1083 and 1084) known as the Mortgage Reform Package in order to address some of those concerns. Eventually, House Bill 2179, combining and replacing House Bills 1079 and 1080, was passed and became Act 56 of 2008. The Committee was also concerned with the general problems Wall Street faced as well as the Bailout proposed by the federal government in September-October, 2008.

The Commerce Committee, in 2007-2008, held public hearings and informational meetings on the following topics: the Mortgage Reform Package, the Pennsylvania Housing and Finance Authority (PHFA), proposed Pennsylvania Department of Banking regulations on mortgage lending, economic development agencies, the scrap recycling industry (House Bill 1742), establishing a banking tax-free zone (House Bill 1861), extending and enhancing the Keystone Opportunity Zone Program (House Bill 2297), licensing for persons providing debt management services (House Bill 2294), the Housing Finance Agency Law (House Bill 2600), providing for mortgage foreclosures (House Bill 2694) and the Homeowners Emergency Mortgage Assistance Program (HEMAP).

The Commerce Committee from 2007-2008 Session did not provide a House Committee Record. The meeting and public hearing files almost always include memos, agendas, minutes and testimony or remarks, when applicable. If a bill was discussed during a meeting, the legislation, amendments and analysis are included in the meeting file. As a result of the Committee storing legislative documentation in the meeting files, there are only a few bill files and they almost always contain correspondence, press or notes, in addition to the amendments and analysis.

Democrat Peter Daley chaired the 2007-2008 Commerce Committee. Fellow Democrats served in the following positions: Nick Kotik, Chair of the Subcommittee on Economic Development; Michael McGeehan, Chair of the Subcommittee on Financial Services and Banking; Tom Yewcic, Chair of the Subcommittee on Housing; Jim Wansacz, Chair of the Subcommittee on Small Business; and Mark Longietti, Secretary. On the Republic side, the following representatives service in minority positions: Dick Hess, Minority Chair; Scott Boyd, Minority Chair of Subcommittee on Economic Development; Chris Ross, Minority Chair of Subcommittee on Financial Services and Banking; C. Adam Harris, Minority Chair of Subcommittee on Housing; and Brian Ellis, Minority Chair of Subcommittee on Small Business.

None of the subcommittees of the Commerce Committee provided records from the 2007-2008 Session.