Trade and Development Program Enhancement Act of 1987

Trade and Development Program Enhancement Act of 1987 - Reaffirms the Congress' support for the Trade and Development Program. Amends the Foreign Assistance Act of 1961 to authorize the use of reimbursable development program funds under the Act for project planning, development, management, and procurement for both bilateral and multilateral projects, including training activities in connection with a project, to promote the use of U.S. exports in such projects.

Establishes the Trade and Development Program as a separate agency of the International Development Cooperation Agency. Requires the President to appoint a Director to head the Trade and Development Program. Expresses the sense of the Congress that the Trade and Development Program should serve as the primary Federal agency to provide information to the private sector regarding trade development and export promotion related to development projects. Requires the Director to submit to the House Committee on Foreign Affairs and the Senate Committee on Foreign Relations a report on the activities of the Trade and Development Program. Authorizes funds for FY 1988 through 1989.

Repeals a provision of the Foreign Assistance Act of 1961 to terminate the private sector revolving fund.

Amends the Trade and Development Enhancement Act of 1983 to transfer functions of the Agency for International Development (AID) relating to tied aid credits for U.S. exports to the Trade and Development Program. Authorizes the Director of the Trade and Development Program to use specified funds provided under the Foreign Assistance Act of 1961 to finance a tied aid credit activity in any country eligible for such aid. Prohibits the approval of financing under the tied aid credit program unless a majority of the members of the National Advisory Council on International Monetary and Financial Policies approve such financing. (Currently, unanimous consent is required.) Requires the Trade and Development Program to be represented at meetings of the National Advisory Council on International Monetary and Financial Policies concerning tied aid credit matters, and gives the representative the right to vote on decisions relating to such matters.

Provides for the compensation of the Director of the Trade and Development Program at Level II of the Executive Schedule. Directs the Administrator of the AID to transfer to the Director of the Trade and Development Program all records, contracts, applications, and other documents and information. Sets forth other provisions relating to the transfer of AID functions to the Trade and Development Program.