Independent Counsel Amendments Act of 1987

Independent Counsel Amendments Act of 1987 - Revises and makes permanent the current statute regarding the appointment and duties of independent counsels.

Requires the Attorney General to conduct a preliminary investigation whenever information is received sufficient to constitute grounds to investigate whether persons subject to this Act may have violated a criminal law other than a petty offense. (Current law requires the violation of a criminal law other than a Class B or C misdemeanor or an infraction.)

Subjects the following individuals to this Act: (1) persons working in the Executive Office of the President on active duty as commissioned officers and certain presidential and vice-presidential appointees; and (2) persons working in the Department of Justice who are compensated at or above level V (currently, at or above level III).

Requires the U.S. Attorney for the District of Columbia to perform the duties of the Attorney General in cases where information concerns an employee of the Department of Justice.

Provides that a report submitted by the Committee on the Judiciary of the House of Representatives or Senate which accompanies a request for the appointment of an independent counsel shall satisfy the requirements for a preliminary report by the Attorney General.

Provides that the appropriate district court may expand the prosecutorial jurisdiction of an independent counsel at the Counsel's request.

Requires the independent counsel to report annually to the Congress on the budget of such office.