Campaign Cost Reduction and Reform Act of 1987

Campaign Cost Reduction and Reform Act of 1987 - Title I: Amendments to the Federal Election Campaign Act of 1971 - Amends the Federal Election Campaign Act of 1971 to define a qualifying House of Representatives candidate as one whose principal campaign committee includes in its statement of organization a declaration of the candidate's intention to abide by expenditure limitations under this Act, and to use broadcast time under the Communications Act of 1934 or to receive reduced postal rates.

Includes in the definition of contribution: (1) any gift, subscription, loan, advance, or deposit of money or anything of value made by any person for the purpose of encouraging any specific individual who is not a candidate to become a candidate; and (2) with respect to a political committee, any gift, subscription, loan, advance, or deposit of money or anything of value made by such committee with respect to a clearly identified candidate.

Revises the exclusion of mailing costs from authorized contributions.

Provides that the term contribution does not include the value of any advertising rate reduction made available to a qualifying House candidate by a newspaper or magazine, if such reduction is made available to any qualifying candidate and such reduction is made available during the 90-day period before the election.

Includes in the definition of expenditure: (1) any purchase, payment, distribution, loan, advance, deposit, or gift of money or anything of value made by any person for the purpose of encouraging any specific individual who is not a candidate to become a candidate; and (2) with respect to a political committee, any purchase, payment, distribution, loan, advance, deposit, or gift of money or anything of value made by such committee with respect to a clearly identified candidate.

Prohibits a candidate for Federal office from establishing, maintaining, or controlling a political committee, other than an authorized committee of the candidate or a committee of a political party.

Declares that an expenditure is not an independent expenditure if: (1) there is any arrangement, coordination, or direction with respect to the expenditure between the candidate and the person making the expenditure; (2) with respect to the election, the person making the expenditure was involved in the candidate's campaign; or (3) the person making the expenditure communicates with, advises, or counsels the candidate relating to such election.

Prohibits the personal use of campaign funds after the date of enactment of this Act.

Removes certain limitations regarding State-by-State spending by presidential candidates.

Prohibits a candidate for the office of Representative from accepting any contribution from a multicandidate political committee which exceeds: (1) $75,000 for a primary, general, or special election; or (2) $25,000 for a runoff election.

Prohibits a qualifying House candidate from making expenditures in excess of $50,000 of such candidate's personal funds for an election.

Prohibits such candidate from spending in excess of $200,000 with respect to a primary or general election, or $100,000 with respect to a runoff election. Removes such limitation for all House candidates in an election if any candidate receives contributions or makes expenditures aggregating more than 50 percent of the limitation applicable to a qualifying House candidate.

Establishes monetary penalties for qualifying House candidates who exceed expenditure limitations.

Provides for the accountability of contributions made by intermediaries or conduits.

Provides that contributions expended to encourage an individual to become a candidate shall be treated as contributions whether or not such individual becomes a candidate.

Increases the amount a person can contribute to a candidate for the office of President from $1,000 to $2,500.

Limits the use of separate segregated political funds affiliated with certain other organizations (such as labor unions, corporations, and trade associations) solely to the making of contributions.

Requires, when independent expenditures are made for television broadcast communications, that a statement appear continuously during such broadcast showing the name of the person or committee making such expenditure. Requires any type of general public communication to include such statement.

Prohibits any person from soliciting contributions by false representation as a candidate or as an agent of a candidate, a political candidate, a political committee, or a political party.

Title II: Amendments to the Communications Act of 1934 and Title 39, United States Code - Amends the Communications Act of 1934 to authorize the Federal Communications Commission to revoke any station license or construction permit for willful or repeated discrimination against a candidate for Federal office in the amount, class, or period of time made available to such candidate on behalf of such candidacy.

Requires broadcast stations to publish broadcast media rates which will be applicable to specified election periods. Requires such stations to give priority to legally qualified candidates in providing access to the use of such station.

Exempts debates between candidates from the equal opportunity requirement.

Establishes a special broadcast media rate for qualified House candidates.

Provides for reduced postage rates for qualified House candidates.

Title III: Effective Date and Sunset Provision - Specifies that certain provisions of this Act shall apply only during the period beginning on the date of the regularly scheduled general election of 1988 and ending on the date of the regularly scheduled general election of 1994.