Democracy in Chile Act of 1987

Democracy in Chile Act of 1987 - Declares that it is U.S. policy to: (1) encourage the peaceful return to democracy in Chile; (2) condemn continued acts of brutality by the Chilean Government as well as the assassination attempt against General Pinochet; (3) call for the adoption of a timetable for the transition to democracy and civilian rule; and (4) support efforts to establish the framework for such transition.

Imposes the following sanctions against Chile beginning 30 days after enactment of this Act: (1) U.S. opposition to multilateral development bank loans or other assistance for Chile unless the assistance is directed specifically to programs which serve the basic human needs of the citizens of Chile; (2) denial of benefits to Chile under the Generalized System of Preferences and prohibition of duty-free treatment of imports from Chile; (3) denial of Overseas Private Investment Corporation loans or investment guarantees for Chile; (4) prohibition of imports of copper from Chile; and (5) termination of the United States-Chile air transportation agreement.

Provides that such sanctions shall not apply if: (1) the President certifies to the Congress that Chile has made significant progress in complying with internationally recognized human rights and in restoring labor rights, has made significant progress in establishing a free multi-party electoral process, has ended the practice of forced exile and restrictions on the right of Chilean nationals to enter and leave their country, and has taken appropriate steps to investigate the deaths of Rodrigo Rojas de Negri, Orlando Letelier, and Ronni Moffitt; and (2) the Congress, within 30 days of receiving such certification, enacts a joint resolution approving such certification. Provides for expedited congressional consideration of such joint resolution.