Trade Expansion Act of 1987

Trade Expansion Act of 1987 - Title I: Trade Negotiations and Relief from Import Impacts - Sets forth the trade negotiating objectives of the United States, which include: (1) developing principles, rules, and procedures to reduce trade barriers and distortions; (2) improving the dispute settlement mechanisms and procedures of the General Agreement on Tariffs and Trade (GATT); (3) strengthening the GATT rules pertaining to subsidy practices and countervailing measures, and dumping practices and antidumping measures; and (4) establishing free trade areas with market economy countries.

Expresses the sense of the Congress that the President should seek to implement agreements to achieve such objectives through the submission of treaties, rather than through the procedures of the Trade Act of 1974.

Amends the Trade Act of 1974 to extend the President's nontariff barrier negotiating authority through January 3, 1993. Requires the U.S. Trade Representative to: (1) submit annual reports to specified congressional committees on such negotiations; and (2) consult with the Advisory Committee on Trade Negotiations and with private committees during the course of such negotiations.

Amends the Tariff Act of 1930 to eliminate the injury requirement with regard to unlawful unfair methods of competition.

Amends the Trade Act of 1974 to extend existing procedures regarding the establishment of free trade areas with countries other than Israel. (Current law requires additional procedures with regard to such countries.)

Allows the President to grant antitrust relief to industries to prevent or remedy serious injuries caused by imports. Sets forth procedures for the provision of such relief.

Title II: Export Controls - Amends the Export Administration Act of 1979 to declare that it shall be the policy of the United States to use export controls to restrict the export of strategic and critical materials.

Provides that the authority to impose short supply export controls: (1) shall be exercised only to enable the President to carry out the Critical Materials Stock Piling Act; and (2) may not be delegated. Removes certain procedural requirements regarding the monitoring of exports.

Removes restrictions regarding the export of: (1) domestically produced crude oil; (2) Alaskan North Slope Oil; and (3) unprocessed timber from Federal lands.

Title III: Business Information and Confidentiality Procedures - Freedom of Information Act Amendments of 1987 - Amends the Freedom of Information Act to require agencies to promulgate regulations with regard to the procedures for: (1) designating certain business information confidential; and (2) handling requests for such confidential information.

Establishes guidelines for procedures to be followed when an agency is required to notify a submitter that a request has been made for information designated (or treated) as exempt by the submitter. Describes circumstances in which an agency is not required to notify a submitter.

Provides for de novo judicial review by a U.S. district court of an agency decision to withhold or disclose records. Directs the court to assess attorney's fees against a submitter where the submitter's reasons for withholding information were not substantially justified.

Title IV: Business Practices and Records Act of 1987 - Business Practices and Records Act of 1987 - Changes the name of the Foreign Corrupt Practices Act of 1977 (FCPA) to the Business Practices and Records Act.

Amends the Securities Exchange Act of 1934 to require securities issuers to maintain an internal accounting system that provides reasonable assurance that specified accountability and accuracy goals are met. Prohibits imposing criminal liability for failing to maintain such an accounting system. Prohibits imposing civil injunctive relief with respect to: (1) an issuer who fails to maintain the required accounting system if the issuer tried in good faith to meet the requirements; or (2) any person other than an issuer in connection with an issuer's failure to comply with such requirements, unless such person knowingly caused the issuer to fail to comply. Prohibits anyone from knowingly circumventing such an accounting system for a purpose inconsistent with the accountability and accuracy goals of such system. Requires only good faith efforts at ensuring compliance by issuers who hold 50 percent or less of the equity of domestic or foreign firms.

Transfers from the Securities and Exchange Commission to the Department of Justice jurisdiction to enforce the bribery prohibitions of the FCPA with respect to issuers.

Revises the prohibition against domestic concerns using any means of interstate commerce to further payments to obtain business with a foreign official. States that such a payment made "directly or indirectly" to a foreign official is illegal. Prohibits such payments that are made to: (1) influence a foreign official's act or induce such an official to violate a legal duty; or (2) induce a foreign official to affect a foreign government's act. Prohibits domestic concerns from using interstate commerce to direct or authorize an agent to further such a payment to a foreign official.

Exempts from such prohibitions: (1) payments to foreign officials to expedite or to secure the performance of routine governmental action; (2) payments which constitute tokens of regard or esteem; (3) expenditures associated with selling, purchasing, or demonstrating goods; or (4) ordinary expenditures associated with performing a contract with a foreign government.

Provides an affirmative defense where such payment or gift is lawful under the laws of the foreign official's country.

Revises the fines and criminal penalties for violations of such Act. Empowers the Attorney General to undertake all civil investigations necessary to enforce the Act.

Prohibits prosecution of a domestic concern or specified agents of such concern for violating the Federal mail or wire fraud provisions by making a payment to a foreign official if the prosecution is based on the theory that the official, by receiving the payment, violated a duty to or defrauded the foreign government or the citizens of a foreign country.

Title V: Clayton Act Amendments - Amends the Clayton Act to repeal: (1) the provision prohibiting the acquisition by one corporation of the stock of another if such acquisition substantially lessens competition or tends to create a monopoly; and (2) the requirements regarding premerger notification. States that liability for damages in private and State civil actions under the Clayton Act shall be for actual damages. (Current law provides for treble damages.)

Title VI: Amendment to Cargo Preference Laws to Stimulate U.S. Agricultural Exports - Amends the Merchant Marine Act, 1936 to provide a cargo preference exemption for agricultural commodities.

Provides that a specified Joint Resolution of Congress requiring Government-financed exports to be shipped in U.S. vessels shall be inapplicable to agricultural products.