Securities, Safety, and Soundness Act of 1987

Securities, Safety, and Soundness Act of 1987 - Amends the Securities Exchange Act of 1934 to prohibit any person from acquiring certain equity securities in 1987, if: (1) such person would then be entitled to cast 15 percent or more of the securities holders' votes in an election of directors of the issuer; (2) such acquisition is disapproved by a majority of those members of the issuer's board of directors who are not issuer officers or employees; and (3) 20 percent or more of the acquisition is financed by the issuance of takeover securities the proceeds from which exceed $25,000,000. Defines "takeover securities" as certain low-rated or unrated bonds or preferred stock, other debt instruments subordinated in right of payment to the payment of any substantial amount of unsecured indebtedness, or equity or quasi-equity instruments other than common or preferred stock.

Prohibits any insured bank or institution from purchasing non-investment grade securities. Directs the Federal Deposit Insurance Corporation and the Federal Savings and Loan Insurance Corporation to prevent insured institutions from carrying non-investment grade securities as loans.